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ARTICLE · 03 JUNE 2024

Instant Payments Regulation Published In The Official Journal!

Lydian
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In a previous e-zine, we discussed a Commission proposal (the Proposal) to accelerate the rollout of instant payments.

BelgiumFinance and Banking
Tom Geudens
Tom Geudens
Matthias De Cock
Matthias De Cock

In a previous e-zine, we discussed a Commission proposal (the Proposal) to accelerate the rollout of instant payments. Yesterday 19 March 2024, the adopted instant payments Regulation (the Regulation) was published in the Official Journal. In this e-zine we discuss the main elements of the Regulation and compare it to the initial proposal.

The main elements of the Proposal were to require payment service providers (PSPs), by amending the SEPA Regulation, to provide instant credit transfers in euro to all their customers, at the same cost, if they already provide credit transfers in euro. Instant credit transfers were defined (in a rather convoluted manner) as a credit transfer where one of the conditions is that the payee's payment account is credited within 10 seconds.

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