The EU has approved regulations regarding instant payments
These rules, established in collaboration with the European Parliament, facilitate transfers within ten seconds
The European Council has approved regulations enabling instant euro payments for consumers and businesses within the EU and EEA countries.
Here are a few key points:
These rules, established in collaboration with the European Parliament, facilitate transfers within ten seconds, regardless of time or location, including cross-border transactions.
Payment service providers, including banks, must offer instant payment services at no additional cost.
Implementation will occur in two stages, with shorter transitions in the euro area and longer ones in EEA countries.
The regulations mandate IBAN and name verification to enhance trust and aim to empower European payment firms against US competitors like Visa and Mastercard.
The move is intended to bolster the strategic autonomy of the European financial sector by reducing reliance on third-country institutions and infrastructure.
Editor's note: In a previous version of this newsletter, the title mentioned that the EU had "implemented" instant payment regulations. This has not happened yet, obviously. I apologize for the oversight.
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