Faster bank transfers

Starting on November 6, banks will no longer hold onto money being transferred to another bank before releasing it.

Currently, banks delay the transfer for up to several days, earning money on the interest in the process.

With the change, the transfer will take place on the same day, and by next year transfers will be made within seconds.

Implementing the technology that permits the system to work will cost banks as much as 300 million kroner. Businesses and consumer groups cheered the changed practice. 

Berlingske Business

SEE RELATED: Intense criticism over planned Danske Bank fee changes

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