It will become mandatory for payment service providers, such as banks, that offer standard credit transfers in euros to offer the sending and receipt of instant payments in euros. The regulation relating to this has now been published.
Thanks to the regulation, people will be able to transfer money within 10 seconds at any time of the day.
The situation varies widely from Member State to Member State as regards the availability of instant payments and any associated fees. At the beginning of 2022, only 11 percent of all euro transfers in the EU were instant.
On October 26, 2022, the European Commission presented a proposal for a regulation on instant payments in euros. With the proposal, the Commission fulfilled a key commitment in the Commission’s 2020 Retail Payments Strategy.
The regulation provides for a longer transition period for countries outside the eurozone, as they need more time to adapt to the new rules.
Source: Instant payments in euros now mandatory – Emerce
It’s pretty silly that it’s 2024 and only now are database bits being forced to flip within 10 seconds, but that shows how long overdue this kind of regulation is.
Robin Edgar
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