The agreed roadmap provides for the following steps:
- The final version of the agreement reached by the trilogue representatives must be approved by the European Council and the European Parliament.
- The regulation will enter into force 20 days after its publication in the Official Journal and will be monitored by the Commission.
- The adopted regulation will be published in the Official Journal of the EU, which marks the official entry into force.
More interesting news:
- Customers should be able to set amount limits per day and per transaction. These amount limits apply to both individual and bulk payments
- Institutions that offer bulk transfers in the SEPA environment must also do so in the SCT-INST area in future
- E-money and payment institutions must be passively and actively ready 36 months after entry into force
- In order to include e-money and payment institutions in the obligation, they are to be given access to the central bank and included in the definition of an “institution” in accordance with Directive 98/26/EC
- Definition of e-money institutions according to Article 2(1) of Directive 2009/110/EC
- Definition of payment institutions according to Article 4(4) of Directive (EU) 2015/2366
- Deadline for daily sanctions screening = 9 months after entry into force
Even banks with existing instant payment functions need to review their processes with regard to the new regulations. The message is clear: act now and initiate the introduction of instant payments. Time is of one essence and the risk of capacity issues is high. Let’s work together to bring in a new era of instant transactions to make the European financial landscape more responsive and dynamic. We are happy to support you with a quick assessment.