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The European Council has approved a regulation aimed at facilitating instant payments in euros for consumers and businesses across the EU and EEA countries.
These new regulations, finalized by the Council and European Parliament in the previous year, will enable individuals to transfer funds within ten seconds at any time, even outside regular business hours. This service will not only be available within the same country but also for cross-border transfers to other EU member states.
Payment service providers, including banks offering standard credit transfers in euros, will be mandated to provide instant payment services for sending and receiving euros without any additional fees.
The implementation of these rules will occur in two phases, with a shorter transition period in the eurozone and a longer one in EEA countries.
Beyond enhancing accessibility and affordability of instant euro payments, the regulations will also bolster trust by obligating providers to validate the correspondence between the International Bank Account Number (IBAN) and the beneficiary’s name provided by the payer.
Moreover, these rules are strategically positioned to empower European payment entities to compete with major players like Visa and Mastercard.
A statement highlights, “The new regulations will enhance the strategic independence of the European economic and financial sector by reducing reliance on third-country financial institutions and infrastructures.”
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