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.
Comments