Interbank Transfers Suspended Until December 29: Here’s Why
Interbank transfers will be temporarily suspended until December 29, impacting both individuals and businesses across Europe. This suspension is due to specific holiday scheduling by the European Central Bank.
Why Are Interbank Transfers Suspended?
The European Central Bank operates payment systems that are closed on weekends and public holidays. This year, Christmas falls on a Thursday, and December 26 is a public holiday in several countries, including Germany and Italy. As a result, all of the European Union, the United Kingdom, and Switzerland will experience this shutdown.
Transfer Timeline
The closure affects payment processing between December 25 and 28. Transfers during this period will be queued and processed only beginning December 29. For many, this could mean delays in payments, including employee salaries or invoices.
Who is Affected?
- Individuals making personal transfers.
- Businesses processing payroll or paying suppliers.
Despite the suspension, businesses typically plan ahead to meet payroll obligations. The French Banking Federation (FBF) assures that banks inform their business clients of this schedule regularly. This allows companies to take necessary measures to execute payments before the holiday closures.
Instant Transfers Are Unaffected
It’s important to note that standard interbank transfers and SEPA payments are the only services impacted. Instant transfer services, such as Wero, will remain operational. Additionally, internal transfers within the same bank will also continue without interruption.
Consumers should be aware of these scheduling constraints to avoid potential inconveniences when sending transfers to family and friends during the holiday season.
