I am sure that Yves will discuss this subject later. The clearest benefit of instant payments is that the end-user is able to quickly complete time-sensitive payments, wherever and whenever necessary. Corporate customers will receive funds faster, which makes a substantial difference in terms of cash flow and liquidity management.
And it would broaden the scope of monetary policy transmission beyond the banking sector, making policy less vulnerable. Finally, to avert banking collapses, governments in the past were forced to disburse large sums of public money in the pursuit of economic and financial stability. Completing banking union will reduce risks for taxpayers and break the remaining link between banks and national governments.