New Regulation On Instant Payments Adopted

The Council of the European Union has, on the 26th of February of this year, adopted a regulation aimed at promoting instant payments within the European Union (EU), in accordance with the Union's initiative to foster a capital markets union. The Instant Payments Regulation will allow individuals to transfer funds to another EU member state as well as within the same country in just 10 seconds, at any time of day.

This legislation lays out guidelines and requirements to promote the broad implementation and interoperability of instant payment systems throughout the European Union, allowing individuals and businesses to transmit and receive funds instantly, around-the-clock, all year round. This regulation aims to improve the efficiency, convenience, and security of financial transactions within the European Union by standardizing regulations and creating a framework for quick payments. This will promote competition and innovation in the payment services sector, while