European Union adopted a regulation this Monday, February 26, which imposes these new conditions on banks in member countries. It aims to democratize the use of this method of transfer, which is faster than the traditional method.
Banks will have to comply no later than 18 months after its entry into force, scheduled for April, or before fall 2025. In countries that have not adopted the single currency, banks will benefit from additional time until 2027, and even 2028 for payments from an account denominated in their national currency.