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Anyone transferring money to another account today usually has to wait. It usually takes a day for the money to arrive. “Tages-Anzeiger” writes that this situation will change from August 20, after which the money should be transferred to the other account within a few seconds. According to financial service provider Six, preparations for the so-called instant payment are in full swing. The most important 70 financial institutions are expected to join the system by August.
Everything is reminiscent of Twint, but there are some differences: The transfer also works with a delay on the mobile phone application, while the recipient’s bank advances the money until it reaches the recipient. With instant payment, the money is actually transferred.
Fear of fraud attempts
With the new system, the fear of fraud attempts also increases. “The biggest advantage of instant payment is also its biggest disadvantage: a transfer made within seconds encourages attempted fraud,” André Bähler of the Consumer Protection Foundation tells “Tages-Anzeiger”. Scammers can distribute money faster, making it harder to block it later.
There are still open questions. For example, whether faster transfers cost anything. A spokesman for Six told the newspaper that there was no price difference between the previous system and fast payments for banks. However: “Setting any prices to customers remains the responsibility of financial institutions for instant payments and may vary by institution and account type.” (brother)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
