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Instant bank transfers coming to Belgium next year

Oct 12, 2017
0

Belgian banks will start offering instant money transfers from November next year, speeding up payments for individuals and businesses.

Belgian financial sector federation Febelfin said the country would follow the lead of Sweden, Denmark, the UK, Poland and Switzerland where instant transfers can already be made 24 hours a day and seven days a week.

Money will be deposited in a recipient's account within seconds, even if they use a different bank. The service will eventually be extended to international transfers within the Single European Payment Area (Sepa) - but only in euros.

Febelfin spokeswoman Isabelle Marchand said: "Neighbouring countries France and the Netherlands are also busy developing the service for 2019. Consumer will not be the only people to benefit - companies will receive their payments faster, which will improve cashflow."

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