The new regulations that regulate the transfers banking in the euro zone. The objective of this update, which affects both ordinary and immediate transfers, is reinforce security in electronic payments, avoid fraud and minimize the risk of errors. Users will need to familiarize themselves with new beneficiary verification features, which allow you to confirm that funds are being sent to the correct person or entity before completing the transaction.
All banks must incorporate a new functionality in its applications and online platforms that allows you to verify that the name entered when making a transfer matches the owner of the destination account. In fact, banking apps will offer an alert when, in an operation, the name of the recipient that we enter does not match that of the owner to whom the transfer is directed.
The Financial Users Association, Asufinhas positively valued these changes that have just come into force. He considers that they are “key aspects of the European regulation on immediate transfers.” And remember that “part of this European regulation (2024/886, of March 13, 2024) came into force in January, such as the obligation to equalize the prices of ordinary and immediate transfers, which has reduced the cost of both services,” recalls the organization.
Transfer costs
“We consider that the cost of transfers offered by banks should tend towards zero cost, to the extent that The automation of the process makes the impact of the price difficult to justify on the client. According to data from our latest commission barometer, published in May, The unification of the transfer service, with the same costprecipitated a substantial drop in prices. Thus, the current minimum average cost of 1.16 euros is 45.50% lower (0.97 euros) than the 2.13 euros that ordinary commissions cost and 68.60% (2.53 euros) of the 3.69 euros that immediate commissions cost, in 2024,” explains the association.
However, Asufin considers that the price of transfers offered by banks should tend towards “zero cost”, to the extent that the automation of the process “makes the impact of the price on the client difficult to justify.”
Room for improvement
Furthermore, the association believes that banks should offer the immediate transfer option “preeminently”, something that “is not happening, since the alternative given by default, in most cases, is that of the ordinary transfer.” “Especially, if the commitment is to improve the user experience, in terms of immediacy and availability 24 hours a day, seven days a week, 365 days a year,” he adds.
“The user must be informed, however, that once the immediate transfer is received, it cannot be canceled and that it could only be reversed if the beneficiary accepts it,” concludes Asufin.
