The EU has approved regulations regarding instant payments

These rules, established in collaboration with the European Parliament, facilitate transfers within ten seconds

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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.