A unified system of instant money transfer will be launched in Europe

30 November 2016

The European Payments Council (European Payments Council, EPC) has confirmed that the launch of the pan-European system of instant transfers will take place in November 2017. The system will provide remittance in real-time in Unified Euro Payments Area (Single Euro Payments Area, Sepa).

The issue of creating a unified system of instant transfers became urgent against the background of the rapid development of local payment platforms such as Faster Payments in the UK, which can cause the fragmentation of the European payments market, as it happens with traditional payments earlier.

With this system, the Europeans will be able to transfer up to 15 thousand. Euro for 10 seconds 24/7/365 accounts in member countries of United Euro Payments Area. Payment service providers which want to increase this limit and the speed of the transactions will be able to agree on this in a bilateral or multilateral order.