Instant payments revolution is here: the new standard across Europe for the benefit of consumers and businesses!

Renew Europe welcomes the endorsement of the trilogue agreement on the Instant Payments Regulation, widely adopted by the plenary of the European Parliament today. This piece of legislation aims to set an obligation on payment service providers to offer instant payments (no more than 10 seconds from approval of transfer) in euros in the whole EU. Thus, the provision is also binding for European countries outside the Eurozone, paving the way for a truly interconnected European financial landscape at the service of consumers and businesses.

Renew Europe MEP Ivars Ijabs (Latvijas attīstībai, Latvia), shadow rapporteur on the instant payments regulation, said:

“In an era of digital transformation, instant credit transfers stand as a beacon of efficiency and convenience, paving the way for a seamless and interconnected European financial landscape. Their swift execution and accessibility across borders empower individuals and businesses to conduct transactions with unparalleled speed and flexibility, fostering a more integrated and dynamic EU economy”

Under the new regulation, payment service providers, including banks and saving banks, must also offer real-time transfer without incurring any higher fees than traditional credit transfers do. Additionally, there will be no limitation to the number of instant payments that a user can request on any accredited payment platform.

Likewise, the adopted text lays down screening requirements on payment service providers. The providers are therefore obliged to verify whether any of their users are listed persons or bodies in order to avoid transferring money to individuals or entities under sanction regimes or terrorist organisations.

Overall, the backed text contributes to strengthening the EU Single Market, making it easier, faster and cheaper for Europeans and businesses to trade across the Union, not leaving any EU country behind.