4 ms·
SEPA instant will settle transactions 10 seconds. Drawbacks: banks can opt to participate, initially limited to 15k EUR, plus not obvious what the cost is. Bank
by bkor 9y ago
SEPA instant will settle transactions 10 seconds. Drawbacks: banks can opt to participate, initially limited to 15k EUR, plus not obvious what the cost is. Banks are charged 1 EUR per transaction, so it'll be at least 1 EUR charged to customers.
The price of a transaction is as important as the speed, IMO.
- dmitriid 9y agoSwish in Sweden [1] Private transfers: instant transactions between individuals, no transaction fees. (Though I suspect internally they do the usual reconciliation between banks at the end of the day). Business: instant transactions to your account from your customers. Yearly fee: 500 SEK ($61), price per transaction: 2 SEK ($0.24), price per reimbursed transaction: 2 SEK ($0.24) There are also limits on how much money you can send in one go, but it's usually more than enough for individual transactions and for small businesses. [1] https://www.getswish.se https://www.getswish.se, https://medium.com/@etiennebr/swish-the-secret-swedish-fintech-payment-company-created-by-nordic-banks-and-used-by-50-of-swedes-cfcf06f59d6f https://medium.com/@etiennebr/swish-the-secret-swedish-finte...