It is evident the financial sector will need to undergo some major changes in the future. Gone are the days of payments taking days or more than a week to complete. Instant euro payments are the new normal. Nordea has finally introduced this functionality in Finland, albeit in cross-border fashion.

It is always good to see more payment solutions come to market. Especially if those tools make life easier for both consumers and corporations. Customers of Nordea in Finland can now receive instant Euro payments from anyone within Europe. This is a pretty big development for the company, as well as the entire country of Finland.

A Major Move by Nordea

Interestingly enough, this new feature will be available at any time. Unlike traditional payment methods, this functionality will also operate seven days per week. It is another major step in the right direction toward making payments a lot faster and more convenient. If more member states embrace this new standard, interesting things are bound to happen.

Nordea’s Tino Kam comments on the situation:

“Today, the lives and businesses of consumers are becoming more global. As a natural progression to the uptake of local instant payment services, people now expect payments to also transcend national borders.”

SEPA Transfers are normally processed during banking hours. This can cause many delays for recipients, which leads to unnecessary friction. With Nordea now introducing instant Euro transfers, transferring funds becomes a breeze. It is as fast as someone handing you a cash payment. This is also the first time a Nordic bank embraces the SEPA instant credit transfer option.

Header image courtesy of Shutterstock

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About Author

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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