A survey that was recently conducted in Frankfurt, for example, showed that the settlement of a cross-border payment still takes between 2 and 14 days and that a transaction to the equivalent value of around 800 euros costs 10-30 euros.
If these costs are compared with those of the large-value payment systems, it becomes clear how much catching-up is still to be done in the area of retail payments. Depending on the amount submitted, a TARGET payment will cost no more than 0.80-1.75 euros. The EBA and the EAF will charge 0.25 and 0.15 euros, respectively, per transaction.