this post was submitted on 09 Nov 2023
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We're talking about payments across different countries. Inside each country payments have been instant for a while
Not in Germany, at least not when using different banks.
Most banks have an instant payment option that comes with a fee.
Which is a fucking insult. The moment i pay anything with a debit card the payment is already noted in my account, just the formal transfer of the money hasn't happened yet. But both banks already know the transaction and they know that they will do the transaction, everything is there already. But they just didn't do the switch.
It is like you would go to an airport, have your luggaged checked in, go through the security, board the plane and everything is ready. Also the starting lane is empty. But the flight will wait until the next day, because thats how it has been done since the days of olde.
I'm pretty sure this new ruling is only for bank transfers, not card payments.
Your card payment is technically instant, since you get the goods in the store at he same time as the money leaves your balance. Both parts agree that it happened. The waiting time until the store actually gets the money deposited in their bank isn't dependent on bank. First it sits in the terminal until it is reported to the card company at the end of day. Depending on the specific agreement they can then accrue several days of transactions before even starting doing the bank transfer. Some do it daily, but I don't know of anyone doing it more frequently than that. For debit cards that is. Other payment methods can be faster or slower, but it really isn't the bank to blame for this.
Bank transfers should be faster than card settlements. The current setup is that banks also acrue transactions and exchange them one or two times daily. This has one benefit for users, since at a known time, they can surely know that there won't be coming more payments that day. This information is f.i. usable for debt collectors. Doing faster payments is obviously better, but it will also mean that due times need to be specified by the hour and will probably cause some arguments about when a payment was actually done. Also even with faster payments, interest calculations are done on a daily basis, not hourly, so there'll still be a technical cut-off time that determines who actually had the money on that day even if it was moved to different accounts several times on a day. So sure, it may theoretically free up some money, but it won't make much practical difference anyway.
It's also such a dumb idea to cut this feature. People will just substitute bank payments for PayPal.
In 2020 only 62,4% of the banks in the EU supported it.
That's not true for every bank. My bank supports instant payments (for free) regardless of the receiving bank.