EU increases pressure on banks to adopt instant payments image credit: shutterstock

On 26 February 2024, the European Council adopted a new regulation, the Instant Payments Regulation. This will make instant payments in euro fully available to consumers and businesses in the EU and in EEA countries.

And the clock is already ticking. The EU has set an ambitious, some would argue an overly ambitious and unrealistic, target date to be compliant.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The regulations will come into effect in just three weeks. The aim of the regulations is clearly understood. That is to

enhance the strategic independence of the European economic and financial sector. It aims to reduce reliance on financial institutions and infrastructures of third countries and specifically Visa and Mastercard. The EU argues that over-dependence on such entities can create risks to the stability and sovereignty of the European financial system. By promoting Euro Instant Payments, the EU seeks to diminish this reliance. In turn, it strengthens its own financial autonomy.

Unprecedented in terms of scale and speed, colossal challenge

Craig Ramsey, Global Head of Real-Time Payments at ACI Worldwide said: “With the official publication in the European Journal, the EU has today confirmed the new Instant Payments Regulation will come into effect on 8 April.

From this date, banks and payment service providers across the EU’s 27 member states will have just nine months to comply. This means being able to receive instant credit transfers in Euros by 9 January 2025.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Never has a piece of payments regulation been so ambitious in terms of scale and speed. Financial institutions across the EU will need to work incredibly fast. This pace of change is unheard of and will present a colossal challenge for the industry. The whole sector needs to make this a singular priority.”