Instant Transfers: Opportunity for (or Threat to) the Financial System

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Instant transfers have the potential to make a mark as an alternative to merely domestic payment solutions or provided by a limited number of payment card brands, contributing to a European payments market that is more integrated, innovative and competitive, explains Banco de Portugal.


2019 saw the 20th anniversary of the creation of the euro. Throughout this period, payment systems in Portugal and the euro area underwent profound transformation and faced permanent challenges, creating unprecedented opportunities for development.

Over 20 years later, with the growing digitalisation of economies and societies, the regulatory changes that took place in 2018 (through the revised Payment Services Directive – PSD2), the emergence of new FinTech operators and the technological disruption under way, a new era has begun for payment service providers and users, who regard ever more ...

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Banque et Stratégie Nº389