ING Germany: real-time payments also for private customers

Frankfurt / Main (dpa) – transfers in seconds have been possible for years – now private customers of the direct bank ING Germany should also be able to use so-called instant payments.

«We want that by the end of this year also offer to our private customers. Initially for incoming payments, in the coming year also for outgoing payments ”, said ING Germany boss Nick Jue of the German press agency in Frankfurt also probably not be, as an ING Germany spokesman explained: With regard to a price for outgoing real-time payments, the institute will orientate itself on the market.

In a matter of seconds

Under Instant Payments are payments from account to account that are processed around the clock in seconds. With such real-time payments, the recipient can dispose of the amount received immediately after sending the payment. Until now, the money was usually only posted on the next bank working day. For example, anyone who sells their old car privately has so far at least had to take into account the risk that the buyer will not pay. If such a transaction is processed by real-time payment, the seller can directly check whether the money has arrived in his account.

In Europe, since 21. November 2017 the «SCT Inst» called fast transfers are possible. On the same day, Hypovereinsbank (HVB), which belongs to the Italian Unicredit Group, tested the system since 27. November 2017 HVB customers can order transfers in real time via online banking. In mid-July 2018 the savings banks followed suit, Deutsche Bank and Commerzbank as well as various cooperative banks also offer the service.

Many banks are foregoing the offer

However, the boost hoped for by experts for this type of cashless payment did not materialize. Quite a few financial institutions are still doing without instant payments, as the industry newsletter “” recently showed, which also reported on the start of instant payments for corporate customers at the ING direct bank.

The resounding one ING Germany boss Jue does not expect success from the introduction for private customers either, as he said in an interview with the German press agency: “We have to have this on offer. I am skeptical whether this is really being used so heavily. ”

There is still room for improvement throughout Europe. The European Payments Council currently lists 2304 payment service providers from 24 countries in the so-called Sepa area that offer instant payments. That is 59 percent of payment service providers in Europe.

In the Sepa payments area (“Single Euro Payments Area”) transfers, direct debits and card payments are to be standardized across borders and thus accelerated will. This uniform euro payment area includes the 27 EU states as well as: Iceland, Liechtenstein, Norway, Switzerland, Monaco, San Marino, Andorra, the Vatican City state and the United Kingdom. The EU Commission had set the goal of making payments within seconds by the end of 2021 the standard throughout the European Union.

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