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The European Central Bank is geared up towards developing an instant payment settlement service. The EU’s number one financial institution is going to make this come true by late 2018. The key purpose of this move is to drastically facilitate real-time money transfer of small scale transactions. That’s what the European Central Bank revealed in its statement.
Real time transfer facilities are currently available for large volume payments. However, the new service, set to get down to operating in November next year, would expand it to all transfers, not to mention retail transactions, at a marginal cost.
The European Central Bank emphasized that the service is about to be developed in broad cooperation with the banking industry of the European Union, and it’s going to be offered to financial institutions at the low price of 0.20 euro cent per payment for the first two years of operation.
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