Revolutionizing Finance: The Dawn of Instant Transfers and the Role of iGTB and Intellect in Shaping the Future of Banking

In a groundbreaking move to revolutionize fund transfers, the European Parliament has greenlit new regulations to ensure immediate transfers for retail customers and businesses across the EU.

These new regulations require banks and Payment Service Providers (PSPs) to facilitate fast and cost-effective credit transfers. Instant transfers are transactions reflected in the recipient's account within 10 seconds, regardless of the time or day. Moreover, payers must be promptly notified within the same timeframe about the availability of the transferred funds.

The regulations also apply to member states that do not use the euro as their primary currency, focusing on accounts conducting regular transactions in euros. However, there will be exemptions from the ten-second payment mandate outside business hours, considering concerns about access to euro liquidity.

The relationship between a provider and a financial institution should be a true partnership that focuses not only on technology but also on a deep understanding of what makes the financial institution unique, the lessons learned, industry experience, and a forward-looking vision that creates ongoing differentiation and flexibility to evolve with yet-to-be-discovered market trends.

Payments continue to be at the heart of innovation in the financial services market. For most financial institutions, legacy infrastructure must be more flexible and scalable to meet future needs. Every financial institution faces the task of modernizing to meet customer demands.

Digital Payments Solution | PSH | Corporate Banking Product (intellectdesign.com)