From yesterday a new bank-transfer system came into being across Europe which means that bank transfers are instaneous instead of taking days.

The Target instant payment settlement (TIPS) effectively enables payment service providers to offer fund transfers in real time and around the clock, 365 days a year. There are limits, however, as the maximum amount that can be transfered in this way is 15,000 euros.

Although the main objective of TIPS is to provide settlement services in euro, the service will technically be capable of settling other currencies, too.

The system was scheduled to enter into full service in November 2018, but it has been moved forward a year to this November.

Almost all of the Spanish banking entities have joined and 600 entities from other European countries have, too.

You can find out more information here.

(News: Spain)