The EU has implemented a new law that requires electronic bank transfers to arrive in the recipient’s account by the next business day. However, PayPal has reportedly been unable to meet the Jan. 1 deadline.
Transfers between PayPal accounts are processed almost instantly and PayPal reports that the EU standards for transfers into consumer bank accounts are already being met—except in the UK. PayPal has been working on the required changes for the Faster Payment system, but reports that “technical challenges” have delayed the possibility to launch by deadline.
“Unfortunately building and testing this has been significantly more complex and lengthy than expected, which is why we have not met the January deadline.” PayPal reports.
The payment processor expects to have the kinks worked out within the first half of the year, but the company notes that not all UK banks support Faster Payments.
