Status Quo Instant Payment

Everything about the agreement, deadlines and implementation

Recently, representatives of the EU Parliament, the EU Commission and the EU Council agreed in a trilogue on the regulation of instant payments. This is a significant step towards a faster, more efficient and standardized payment system in Europe and will bring about a fundamental change in the banking landscape.

Proposal European Council

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.
Challenging schedule: an overview of the deadlines

The proposed implementation deadlines, which were already considered ambitious, have been adjusted and now require fast action. Updates indicate shortened timelines for financial institutions in the Eurozone:

  • 9 months for incoming immediate payments (IP passive)
  • 18 months for active instant payments (IP active) and IBAN name verification
  • Non-euro countries = 33/39 months (passive/active)

However, the technical details of the name check are still the subject of open discussions. A concept paper on this is to be published before the end of 2023.

The urgency of the situation should not be ignored. European banks are called upon to act immediately in view of the ambitious timetable.

  • Instant Payment Passive is expected to be required by the end of 2024.
  • Instant Payment Active and the IBAN Name Check are expected to be mandatory by September 2025.

The associated 24/7/365 availability poses particular challenges for the IT infrastructure and existing systems, which is why banks must start with professional and technical analyses immediately.

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

Act immediately: Quick Assessment provides clarification

van den Berg, a pioneer in the area of instant payments:

  • Project experience since 2017
  • Unique position as a registered Instructing Party in the TIPS environment: This enables a quick and uncomplicated connection to TIPS without our customers having to establish a direct connection to the SWIFT infrastructure.

Nevertheless, an overall project can take 6-18 months and requires careful planning. Project management, which can be the responsibility of either the bank or a consulting company, is important in this context. van den Berg can provide support with mediation to consulting services.

Instant payments offer a contemporary opportunity to reshape payment transactions in Europe and the time to act is now. Our clients can benefit from van den Berg’s extensive experience and efficient implementation process. However, the short timeframe for implementation allows little tolerance for delays and blockades. The extensive adjustments to systems, IT infrastructure and new business processes, as well as potential resource limitations, make it clear that bank management must make the introduction of instant payments a top priority.


Instant Payment Gateway by van den Berg

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.

We are looking forward to your contact

Our Expert

Leyla Karabulut

Leyla Karabulut

Key Account Manager

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