image credit: gpointstudio / Freepik

European Union Council and Parliament Reach Agreement on New Instant Payment Rules

November 10, 2023

Instant payments enable people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another European Union member state.

The new instant payment rules will be introduced to improve the strategic autonomy of the European economic and financial sector as they will help reduce any excessive reliance on third-country financial institutions and infrastructures.

Under the provisionally agreed rules, payment service providers (PSPs) such as banks, which provide standard credit transfers in euros, will also be required to offer the service of sending and receiving instant payments in euros.

Read More on The Fintech Times