Instant payments: Council and Parliament reach provisional agreement

The Council and European Parliament have reached a groundbreaking agreement on instant payments, enhancing availability in the EU and EEA. The focus is on boosting strategic autonomy, reducing reliance on non-EU entities, and promoting innovative services.

Instant payments allow 10-second transfers across EU states, with fair charges. Banks must offer this service without higher fees than standard transfers. Access is extended to payment institutions, with added safeguards. Security measures include IBAN and name verification, applying to regular transfers as well.

The transition period varies for the euro and non-euro areas. Payment and e-money institutions gain system access with precautions to mitigate risks. A review clause ensures ongoing evaluation.

This aligns with the Capital Markets Union's goal for efficient, secure, and affordable payment solutions. A significant step in a rapidly evolving financial landscape!

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