The way we make payments is changing profoundly, with technology increasingly transforming the speed, security and convenience of everyday financial operations. These changes reflect a European effort to adapt the banking system to the digital reality and new consumer expectations. With this, the European Union (EU) put into force new rules for bank transfers.
Since October 9, the EU has taken a historic step forward in the financial system by obliging all banks in the euro zone to provide instant bank transfers, 24 hours a day, seven days a week, with the guarantee that the money reaches its destination in less than ten seconds.
The measure, according to the website specializing in economics and business Executive Digest, marks the beginning of a new era in banking transactions, gradually replacing the traditional model with a more efficient and secure system.
Name and IBAN are now automatically verified
One of the main innovations of this new regime is the introduction of automatic beneficiary verification. Before completing the transfer, the system automatically cross-references the recipient’s name with the IBAN entered, alerting the user if there are any discrepancies.
This functionality, free and available for both instant and traditional transfers, aims to reduce common errors and combat fraud related to the use of fake or manipulated accounts.
According to Banco de Portugal, this change “reinforces the security of payments and increases users’ confidence in digital services”, a crucial step in a context in which online transactions are growing exponentially.
Costs equal to or lower than current ones
Despite the new system being mandatory, the legislation does not require instant transfers to be free. The rule only defines that the commissions cannot be higher than those applied to traditional SEPA transfers. In practical terms, according to the same source, if a bank charges one euro for a classic operation, the instant one will have to cost the same or less.
In Portugal, several institutions have already decided to offer this service at no additional cost, as a way of retaining customers and gaining a competitive advantage in an increasingly digitalized market.
End of the limit of 100 thousand euros per operation
Another important point of the new regulations is the elimination of the ceiling of 100 thousand euros per transfer. From now on, each bank has the freedom to define its own limits, according to the customer profile or the channel used.
Furthermore, institutions are required to allow users to set their own daily limits, reinforcing control over operations and increasing security in the event of any unauthorized access to accounts.
Longer term for countries outside the eurozone
For EU countries that have not yet adopted the euro, the transition to the new system will be more gradual. In these cases, banks have until January 2027 to start receiving instant transfers and until July of the same year to send them.
Electronic money institutions and payment service providers in the euro area also have an additional deadline, with a deadline of April 2027, to ensure full compliance with the new legislation, according to the source cited above.
A step into the future of payments
The introduction of instant transfers is just the beginning of a broader transformation. In the coming months, it is expected to be possible to schedule immediate payments for future dates or set up recurring transfers just as quickly, according to the same source.
With these changes, the EU aims to create a more transparent, competitive and secure financial ecosystem, benefiting both consumers and companies.
The digitalization of the banking system thus becomes inevitable, paving the way for more flexible services adapted to modern needs.
Convenience and security as the new standard
In the end, the update represents a natural evolution of financial practices. For customers, it translates into faster, safer and more practical bank transfers. For banks, it means essential technological modernization to keep up with digital transformation, according to .
Instant transfers are no longer an option and become the new European payment standard, in a financial system that prioritizes efficiency, transparency and trust.
Also read:
