In the EU, the establishment of instant payments on October 9th

Ljubljana – In the EU, all banks, savings banks, and payment service providers will allow clients to make both domestic and cross-border payments and transfers in euros immediately through all channels starting from October 9. The Bank Association of Slovenia highlighted greater security and speed of payment execution before the implementation.

The Director of the Bank Association of Slovenia Stanislava Zadravec Caprirolo noted that with the possibility of immediate payments domestically and internationally, a mechanism for verifying the match between the recipient’s name and their International Bank Account Number (IBAN) is being introduced for additional protection, as well as the option to set a maximum allowable payment amount.

With the implementation of changes that will apply to the entire EU, all banks, savings banks, and payment service providers in the EU will have to enable clients to execute domestic and cross-border immediate payments in euros through all channels where they already conduct payment transactions.

In Slovenia, the Flik service, used by approximately 800,000 users, already allows immediate money transfers via smartphone, but only among users of banks in the country, the bank association emphasized. More than 80 percent of all transactions in the Single Euro Payments Area (SEPA) in Slovenia are already made immediately. (October 2)