The European Parliament Enhances Efforts to Speed Up Payments and Digitalize Transactions

Bank transfers, one of the most traditional payment methods, are set to become competitive with newer tools for online and offline purchases.

This commitment comes directly from the European Parliament, which has been actively pushing for cashless and digital transactions in recent years.

The bank transfer, historically known for its long processing times, will now become instant, allowing funds to be credited in under 10 seconds from the completion of the transfer.

In this new landscape, instant bank transfers will align with innovative payment tools like PayPal, Skrill, Neteller, instant reloadables like Paysafecard, and prepaid cards like Postepay, all accessible through apps.

Instant bank transfers are on their way to becoming a standard across Europe. As explained in Bonifico istantaneo, the European Parliament’s approval means faster, smoother payments for consumers and companies alike. This speed also benefits the world of online entertainment, where timing can enhance the whole experience. Fans who split their time between sports like football and online gaming know how valuable that can be. Discover the connection in football casino fans. When payments keep up with the pace of play, the fun never has to pause.

Details of the European Initiative

Recently, the European Parliament voted in favor of an amendment to the "Single Euro Payments Area" (SEPA) legislation with 49 votes in favor. This change will be operational in about six months, providing enough time for financial institutions to comply with the new directives.

Once implemented, the system will also apply to countries that don’t use the euro, as banks will be responsible for converting the transactions into the euro currency. The main advantage for end-users is the ability to make payments or receive money within seconds, eliminating the traditional 2-3 business days required for regular bank transfers.

Part of a Larger Digital Payments Framework

This initiative is part of a broader movement to speed up payments and embrace smart payments. According to future estimates, by 2027, instant payments will reach 800 million.

Europarliamentarian Michiel Hoogeveen, a supporter of the new measure, highlighted that instant bank transfers will streamline the online transactions market, especially given that e-commerce is inherently barrier-free.

Impact on E-Commerce and Online Services

The new measures will benefit both consumers buying from Italian and foreign e-commerce platforms. Many users choose international platforms to save on categories ranging from clothing to high-tech goods. Instant bank transfers will also support online service transactions, reducing losses and penalties associated with payment delays. Bank transfers, as an alternative and additional tool to smart payments, are still used in specific sectors like cryptocurrency markets. Additionally, many online casinos in Italy and other European countries accept bank transfers as a method for deposits and withdrawals. In these sectors, the speed of payment methods is crucial as transactions often need to be completed quickly.

Advantages of Instant Bank Transfers

As we’ve seen, instant bank transfers could be a solution for those still attached to traditional transaction methods, not only in physical settings but also remotely. Beyond the time-saving—an essential factor in today’s e-commerce and online services—it’s also expected to provide savings in transaction fees, which will remain unchanged despite the acceleration of the service.

The proposal for instant bank transfers came directly from the European Commission, and now banks are expected to implement the new guidelines within a relatively short time frame, making the system fully operational.

Emerging Preferences for Fast Money Transfer Options

Meanwhile, users are increasingly inclined to choose fast money transfer methods, from "Money Transfer" options like Revolut to sending funds via PayPal, whether from different accounts or from personal accounts to wallet accounts. Revolut, specifically, is used by over 30 million users who can transfer money instantly and securely, tracking the status of their transaction directly through the app.

PayPal also offers an intuitive process: simply access your account, click "Send and Request," input the desired amount and currency, and the transfer is completed in just a few seconds.

Benefits for Both Users and Businesses

It’s not just web users and buyers who benefit from faster credits and debits, but also businesses. E-commerce, known for its speed and savings, often relies on impulse purchases or the desire to take advantage of promotions, discounts, last-minute offers, and other advantages.

In this sense, instant bank transfers, where supported, fully meet the needs of modern consumers, who frequently shop via mobile and apps and prioritize speed without compromising security—another cornerstone of international payment policies designed to protect consumers and the economy at large.

The EU’s green light for instant bank transfers will speed up payments across countless industries. Bonifico istantaneo looks at what this means for both businesses and consumers. In gaming, fast payouts can be a deciding factor for competitive players. Discover more in casino tournament entry. Quick access to winnings keeps the momentum going.