The evolution of Instant Payments in Europe
The European instant payments landscape is undergoing a dramatic transformation. Standing still is no longer an option for banks and PSPs on the continent.
Instant payments in Europe are coming: Are you ready?
Major changes to the way banks and payments service providers (PSPs) offer instant payments are coming. New regulations are imminent, and there are several key changes which will impact all players in the payments space.
Send and receive
Banks and PSPs in all 27 countries in the EU, will be required to offer and receive instant payments, 24 hours a day and 365 days a year, at an equal or lower rate than the charges for sending or receiving non-instant euro credit transfers.
Confirmation of payee
Banks and PSPs will be obligated to verify that the name of the payee matches their account number (IBAN) before any payment is authorized. If these do not match, they will be required to notify the payer – suggesting potential fraud – who can then decide whether to complete the payment order.
Sanctions screening
Banks and PSPs will be required to verify, at least once a day, whether any of their customers are subject to EU sanctions. If they fail to follow this sanctions screening procedure, they may be liable to pay financial damages to the other provider involved in the instant payment.
Instant Payments in Europe and the U.K.: How to Seize the Opportunity
Discover how financial institutions and businesses can harness the growth in instant payments opportunities to meet the growing customer demands.
Watch this webinar replay to find out more about instant payments in Europe
Join our expert panel from the European Banking Federation and EBA Clearing to find out more about the pending changes to EU payments.
Want to discuss other regions?
The state of instant payments in Europe and the UK: Top 5 findings
Find out how financial institutions and businesses can take advantage of instant payments opportunities with Finastra Payments To Go.
Instant payments in Europe: Are you ready for new regulations?
Download this infographic to find out more about what changes are coming to European payments.
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