What makes the PESONet and InstaPay appealing is that the recipients are not charged for the electronic crediting of the funds to their accounts, allowing them to receive the amount transferred in full. Instead, senders pay for the fees which are competitively priced by the participating institutions.
Moreover, within our mandate and under stressed conditions, we will deploy flexibility to ensure that monetary policy is transmitted smoothly across the euro area, as we did to good effect during the height of the pandemic.