SEPA Instant

[Traumflug]

For the non-Europeans among us, SEPA is "Single Euro Payments Area" and their bank wires work across the entire Euro-Zone, several countries, usually for free (or almost free, like € 0.30).

Just this morning I found this announcement (in German language):

https://www.heise.de/newsticker/meldung/Instant-Payments-Startschuss-fuer-schnellere-SEPA-Ueberweisungen-3897021.html

Very good news for merchants, IMHO. There's now a new form of bank wire which gets completed in not the usual day, but in a maximum time of 15 seconds.

15 seconds? Works currently not everywhere (both, sending and receiving bank have to participate), but this also means bank wires likely get a boost. Because it's reliable, because it's cheap and now also because it's fast. Bye bye money transfer fees.