2017.06.2221:26:00UTC+00ECB Says to Unveil Instant Money Transfer Service

The European Central Bank announced it will be working on a swift payment settlement service by the latter part of next year to facilitate real-time money transfer of small transactions.

The ECB said Thursday the Target Instant Payment Settlement will operate around-the-clock and on a daily, enabling people and companies to make payments via their bank anywhere in Europe swiftly.

The central bank mentioned it will closely coordinate with the eurozone's banking industry to develop the service. It added retail banks can utilize the network at the low price of 0.20 cents each payment for at least its first two years.

As of present, real-time transfer facilities are available for huge volume payments. But the new scheme, to be launched in November 2018, will be offered to individuals and small entities.