"We hugely welcome the Commission’s proposal to make instant payments mandatory. It is the only way to make instant the norm. Banks have had the opportunity to implement SCT Inst since 2017, so it's not like they haven't had the time. It’s a step in the right direction if we want Europe to continue taking the lead creating the most innovative payments sector.
Too often, instant payments - if they are offered at all - are considered a premium service banks charge extra for. We’re glad to see the Commission propose an equalisation of fees, which will incentivise consumers to opt for instant payments as the default. The high cost for instant is too much of a deterrent today.
Yet again, this proposal shows the importance of levelling the playing field and democratise access to payment systems. Wise already offers instant payments but as we're not allowed direct access to payment systems, we rely on partners to connect to these schemes.
The EU has helpfully broken up the banking license and designed regulations in a way that a bank is very specifically a designated lender. Non-lenders should have no business being a bank. The problem is that regulation is still restricting payment systems to lenders, which is no longer fit for purpose because non-banks are in an inferior position and have to wait for banks to catch up to the latest tech and innovation. We encourage the Commission to fix that next."
About Wise
Wise is a global technology company, building the best way to move and manage the world's money. With Wise Account and Wise Business, people and businesses can hold 40 currencies, move money between countries and spend money abroad. Large companies and banks use Wise technology too; an entirely new network for the world's money.
One of the world’s fastest growing, profitable tech companies, Wise launched in 2011 and is listed on the London Stock Exchange under the ticker, WISE.
In fiscal year 2024, Wise supported around 12.8 million people and businesses, processing approximately £118.5 billion in cross-border transactions, and saving customers over £1.8 billion.
Contact details
-
Download vCard
- Press Inquiries
-
Please write to us at press@wise.com if you have a media inquiry. We will get back to you as soon as possible.
Please note that press@wise.com cannot respond to customer inquiries. If you are a customer, please visit our Wise Help Centre page.
Related topics
Related news
Consumers and SMEs lost £5.6 billion in cross border fees last year: Fintechs demand Chancellor address the problem a...
Today, some of London’s biggest fintech companies and interest groups have come together to demand an urgent review of legislation regarding hidden fees for international payments. Fifteen companie...
IBAN Discrimination: Stop Breaking the Law
IBAN discrimination happens when your bank, gym, internet provider, tax authority, employer etc refuse to accept your (bank) account because it isn't from the "right" country.
Underwhelming progress: Wise launches 2022 remittance report
Millions of us financially support friends and family abroad. But getting that money - so-called remittances - to the other side is much more expensive than it has to be.
PSD2 - we had our say, now have yours
The European Commission has started a review process of the PSD2. They are asking how they can improve PSD2 so it works better for people and businesses across the EU. We believe that three key cha...