top of page
  • Deborah

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.

Recent Posts

See All

Information, Communication Technology (ICT) systems, generally includes all hardware, software, applications and systems that combined enable people and organizations to communicate digitally. ICT enc

25 January 2023 - Comments requested on Financial Conduct Authority (FCA) proposed Sustainability Disclosure Requirements (SDR) and investment labels. 6 February 2023 - Comment period closes for the u

Last November, 2022 the Bank for International Settlements (BIS) and the International Organization of Securities Commissions (IOSCO) published their Level 3 assessment of cyber resilience on 37 Finan

bottom of page