Global: EC to release instant payments legislation in second half of 2022

The European Commission has announced its intention to legislate on instant payments to accelerate their adoption across the EU, according to AltFi.

Speaking at the 2022 Fintech and Regulation Conference, Mairead McGuinness, European commissioner for financial stability, financial services, and the Capital Markets Union, stressed the importance of regulatory frameworks in supporting the roll-out of payments innovations across Europe and their incorporation into SEPA.

The increasing number and diversity of market entrants in the payments sector in recent years have heightened the need for comprehensive regulatory frameworks that promote fair competition while also protecting customers.

The European Payments Council launched SEPA Instant Credit Transfer back in 2017, but a fragmented regulatory landscape for payments has since persisted and implementation has been underwhelming. Industry players argue that this has hindered the pace of development in the payments space and dinted Europe’s competitiveness globally.