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FRANKFURT (Reuters) - The European Central Bank will develop an instant payment settlement service by late next year to facilitate real-time money transfer of small scale transactions, the ECB said in a statement.
Real time transfer facilities are already available for large volume payments but the new service, set to start operating in November 2018, would expand this to all transfers, including retail transactions, at a marginal cost.
"The service will be developed in close cooperation with the banking industry in Europe and will be offered to banks at the low price of a maximum of 0.20 euro cent per payment for at least the first two years of operation," the ECB said.
Reporting by Balazs Koranyi; Editing by Angus MacSwan