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EU Plans ‘Seismic Shift’ to Usher In 10-Second Bank Transfers

  • Instant payments account for only 11% of euro credit transfers
  • Proposal needs to be adopted by member states and parliament
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Source: Getty Images

The European Union is seeking to jumpstart the rollout of instant payments, where it significantly lags behind countries in Asia and Latin America.

The bloc’s executive arm adopted a proposal on Wednesday to make such payments in euros available to all citizens and businesses holding a bank account in the bloc, allowing money transfers at any time of any day within 10 seconds.