- The European Council’s adoption of new regulations ensures that instant euro payments will be universally available to consumers and businesses throughout the European Union (EU) and the European Economic Area (EEA).
- The quick payments rule will enable people to transfer money to another EU member state or within the same country in under ten seconds, even outside of normal business hours.
The European Council has adopted new regulations ensuring the complete availability of instant euro payments for consumers and businesses across the European Union (EU) and the European Economic Area (EEA).
People will be able to send money to another EU member state or inside the same nation in under ten seconds due to the quick payments rule, including outside of regular business hours.
EU instant payments legislation
By assisting in lowering dependence on third-country financial institutions and infrastructures, the European Council seeks to enhance the strategic autonomy of the EU’s banking and economic sectors by implementing the new instant payments legislation.
The new regulations will take effect following a transition period that will be longer in the non-euro area and faster in the euro region to allow for adjustment.
Also read: Europe’s Digital Services Act applies in full from February 18
Expert’s opinion
Kjeld Herreman, the Head of Strategy Advisory at RedCompass Labs, a payment and financial crime service provider, highlighted the importance of these regulations: “This is great news for European consumers and businesses but the technical implementation within a very ambitious timeline is set to be an enormous challenge for banks. It will require them to rapidly assess their digital capabilities and to work together with their counterparts and service providers to address these challenges in a short period.”
