Instant Payments Regulation EU
European Union2024PaymentsOverview
Key Obligations
- All PSPs offering euro credit transfers must also offer instant credit transfers in euros
- Transactions must be processed within 10 seconds at any time, including weekends and holidays
- IBAN-name matching is required to detect and prevent fraud
- Charges for instant payments must not exceed those of standard credit transfers
- Payment institutions must screen transactions against EU sanctions lists in real time
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Related Regulations
FAQ
When does the Instant Payments Regulation become enforceable?
It becomes enforceable in a phased manner starting from 2025 for the euro area..
Do all EU countries need to comply?
Yes, all EU member states using the euro must ensure compliance by relevant PSPs.
What is the IBAN-name check requirement?
It ensures the account name matches the IBAN provided, reducing fraud in transfers.
How does this affect fintechs and neobanks?
Fintechs offering euro credit transfers must upgrade infrastructure to support instant payments and meet fraud screening obligations.