Instant payments allow users to send money to another member state of the European Union or inside the same nation in less than ten seconds, including on weekends and after work hours.
The implementation of the new immediate payment regulations is expected to enhance the economic and financial sector’s strategic independence in Europe by mitigating the over-reliance on financial institutions and infrastructures in foreign countries.
Payment service providers (PSPs), including banks, who already offer conventional credit transfers in euros, would also have to give the ability to make and receive instantaneous payments in euros as per the provisionally agreed standards.