- New Rules for Instant Payments in Europe
- European Council and Parliament agree on rules for instant payments.
- Banks and PSPs offering standard euro credit transfers can now provide instant payments.
- The price must not exceed charges for standard services.
- Anytime, Anywhere Transactions
- Customers and businesses can transfer money 24/7 within EU states.
- Transactions settled in 10 seconds or less.
- Extension to E-Money Institutions and Payment Institutions
- E-Money Institutions and Payment Institutions get access to payment systems.
- Amendments to the settlement finality directive (SFD) facilitate this extension.
- Security Measures for Standard and Instant Payments
- Confirmation of payee function mandated for integrity and security.
- The beneficiary’s IBAN and name must match for transaction execution.
- Towards a Unified Instant Payments System
- Agreement on rules brings Europe closer to a unified instant payments system.
- A step following the European Commission’s proposal in October 2022.
- Strategic Autonomy and Economic Impact
- Aims to improve the strategic autonomy of the European economic and financial sector.
- A move to reduce excessive reliance on third-country financial institutions.
- Benefits for Customers and Businesses
- Rules improve possibilities to mobilize cash flows.
- Assists in creating added value services.
