PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

The First EU Instant Payment Deadline Arrives

By Tom Nawrocki
January 9, 2025
in Analysts Coverage, Digital Banking
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
digital euro, EU blockchain framework

Creative glowing euro hologram on dark backdrop. Futuristic hi-tech digital money and electronic economy of the future concept. 3D Rendering

January 9 marks the deadline for all payment service providers (PSPs) in the eurozone to be able to receive instant payments, as mandated by the Instant Payments Regulation (IPR) adopted in March 2024. PSPs have until the end of the year to be able to send instant payments as well.

It’s the latest step in the effort to ensure instant payments are accessible to everyone in the EU. To fully comply with IPR, PSPs must integrate their systems with the SEPA Instant Credit Transfer scheme, ensuring that euro-denominated instant payments are received and that confirmation is sent to the payer’s PSP within 10 seconds.

To make instant payments accessible to the widest range of users, the charges for instant transactions cannot exceed those applied to other types of payments. Providers are also required to display transparent fee structures for users. The payment limit is capped at €100,000.

Compliance requires that PSPs must implement strong fraud detection mechanisms and comply with anti-money laundering (AML) regulations. PSPs are required to offer clients the ability to set a maximum amount for instant credit transfers in euros as an additional safety measure. If a customer still incurs financial loss due to fraud, they may seek compensation from the PSP.

Penalties for non-compliance can reach up to 1% of the financial institution’s annual gross revenue. EU countries that still use their own currency must adopt the IPR regulations by 2027.

Pushing for Growth

Instant payments now account for nearly 20% of all EU credit transfers, up from 0.08% in 2018, largely due to a series of initiatives by SEPA (Single Euro Payments Area) and the European Union Council.

Unlike the global payment service SWIFT, SEPA exists specifically for banking and transfers within Europe. SEPA payments can only be made in euros.

In October 2022, the European Commission proposed that any citizen holding a bank account in the European Economic Area should be able to make instant payments in euro. Last April, the European Union Council followed suit by adopting new rules requiring instant payments to be fully accessible.

The European Union Council’s guidelines mandate that customers must be able to transfer euro-denominated funds within 10 seconds at any time, even outside business hours, to any other EU member state. In addition to providing faster service for businesses and individuals, the initiative aims to help European payments companies compete on a more equal footing with Visa and Mastercard.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: EUEurozoneInstant PaymentsInstant Payments RegulationSEPASwift

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Preparing for Quantum Day and the Risks to Modern Cryptography

    June 17, 2026
    passkeys authentication

    The Post-Password Era: Rethinking Authentication in Financial Services

    June 16, 2026
    scams

    The Future of Same Day ACH, RTP, and Virtual Cards  

    June 15, 2026
    payment api

    Open Banking Has Made Payment APIs a Burgeoning Revenue Stream

    June 12, 2026
    payment card innovation

    Serving a Segment of One: The Race to Stay Top of Wallet

    June 11, 2026
    healthcare payments

    The Healthcare Payments Industry Has a Perception Problem

    June 10, 2026
    continuous KYC

    The Future of KYC Is Layered—and Data-Driven

    June 9, 2026
    tokenized deposits

    As Crypto Challengers Emerge, Banks Turn to Tokenized Deposits

    June 8, 2026

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2026 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result