In this deep dive guide, we peel back the layers on this announcement to unravel what upcoming changes to instant payment legislation may mean for you and the future of payments in Europe.
Did you know that instant payments account for just 7% of all electronic payments in Europe and — despite being launched in 2017 — as of 2023 only 15% of euro credit transfers are instant (SCT Inst)?
On 7 November 2023, the EU Council and Parliament reached a provisional agreement on Instant Payment Regulations, which are intended to make instant payments universally available and affordable in the EU and EEA. The finalised proposals are now expected to be enacted into law in early 2024.
We've peeled back the layers on this development to unravel what upcoming changes to instant payment legislation may mean for you and the future of payments and open banking in Europe.
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Behind the Headlines: Instant Payments in Europe