Overview

• From Oct. 9, Regulation 2024/886 requires banks and payment providers across Europe to offer instant transfers on all accounts and channels, with a €100,000 cap.
• Verification of Payee must display whether the beneficiary name and IBAN are an exact match, a partial match, or non‑verifiable for both instant and ordinary transfers.
• The check provides results within seconds so senders can correct details or cancel before authorizing a payment rather than relying on post‑transfer fixes.
• Instant transfers are effectively irreversible once credited and recall requests can be refused by the recipient, underscoring the need to verify details carefully.
• A surcharge ban in place since Jan. 9 has lowered costs, with many online banks now charging nothing for instant transfers and average online transfer fees at €0.64 at traditional banks; ABI also warns early rollouts may yield many partial or unavailable matches.