EU Council Adopts Instant Payments Regulation

Following the Union's initiative to promote a capital markets union, the EU co-legislators on March 3rd, 2024, adopted Regulation (EU) 2024/886 on instant credit transfers in euro, often called the 'Instant Payments Regulation' (IPR), intending to encourage instant payments within the EU. The IPR was published in the Official Journal of the European Union on 19 March 2024 and entered into force on 8 April 2024. With the help of the Instant Payments Regulation, people will be able to send and receive money in the same country as well as to other EU members in ten seconds, at any time of the day. The regulation takes into consideration the particularities of non-euro area entities.