Adopted on October 26, 2022 by the European Commission (EC) the Legislative Proposal aims to make instant payments in Euro available to all citizens and businesses holding a bank account in the EU and EEA countries.

The Legislative Proposal includes:

• Amendments to the Single Euro Payments Area Regulations (SEPA) (i.e. Regulation (EU) No 260/2012) include the definition of ‘instant credit transfer’, ‘Payment Service User (PSU) interface’, ‘payment account identifier’, and ‘listed persons or entities’. Amendments to SEPA rules also include a rewrite of the definition of ‘retail payment system’.

• Requirements relating to instant credit transfer transactions, including the requirements for PSPs to ensure that payers are able to place a payment order for an instant credit transfer through the same PSU interfaces as the ones through which those payers can place a payment order for other credit transfers.

• Requirements regarding charges in respect of instant credit transfers: including specification for PSPs located in a Member State whose currency is not the euro.

• Provisions regarding discrepancies between the name and payment account identifier of a payee in case of instant credit transfers.

• Requirements related to the screening of PSUs with regard to Union sanctions in case of instant credit transfer.

Implementation of requirements will be phased-in.