The recent EU legislation requires all banks and other payment service providers (PSPs) to offer instant payment services, ensuring that transactions are completed within 10 seconds.

These services will be available 24/7 and 365 days a year. Given the stringent timelines, banks undergoing transformation projects to meet this new regulation must act quickly.

Banks and PSPs will need to be ready to receive instant credit transfers in euros by 9 January 2025, and send instant credit transfers by 9 October 2025 to meet regulatory requirements. This new regulation is anticipated to foster innovation and streamline efficiency, particularly in consumer and business payment procedures, while enhancing the robustness of payment systems.

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()  Joost van der Schee