The European Central Bank (ECB) will create a unified system of instant payments at the scale of the Eurozone, which will allow consumers and businesses in a matter of seconds to transfer funds through your Bank in any country in the currency bloc.

According to the report, the ECB, the payment system TIPS (TARGET Instant Payment Settlement) will begin operating in November 2018. However, service providers are encouraged to implement instant payments from November this year.

The ECB expects that this step will strengthen integration in the Eurozone. In addition, the service will help prepare the system of mobile payments from card to card.

Currently, the transfer of funds in the Euro area usually takes one working day, but instant payment is already available in Italy, Netherlands and Spain.

At least in the first two years of the service fee for each transfer for commercial banks will not exceed 0.20 cents .

The system was created for transfers in euros, but will technically support and payments in other currencies, says the ECB.