The 27 support new rules to improve the availability of instant payments in euros
This Monday, the 27 established a position on improvements for instant payments in euros
The Twenty-seven have adopted this Monday their position so that payment service providers, such as banks, which offer standard credit transfers in euros, also offer the service of sending and receiving instant payments and that, in case there are applicable charges, these are not higher than those that apply for standard credit transfers.
In addition, the new rules will improve the strategic autonomy of the European economic and financial sector, as they will help to reduce any excessive dependence on financial institutions and infrastructures from third countries.
In its position, the Council specifies that the implementation of the new rules will occur faster in member states that are inside the euro area, while for payment service providers located in countries outside the euro area there will be a lead time. gradual implementation.
In the first phase, they will be required to make instant payments only during business hours and, in a second step, the same rules as for payment service providers in the euro area will apply.
On the other hand, sending instant payments in euros from accounts in other currencies will only be mandatory during business hours for those payment service providers that also make standard transfers in euros.
Furthermore, the Council has included a review clause with the requirement that the Commission present a report containing an assessment of the evolution of charges for national and cross-border credit transfers and instant credit transfers, both in euros and in other national currencies. of the member states.
Now that the Council has settled its position on the proposal, it is ready to start negotiations with the European Parliament to agree on a final version of the text.
(Reference image source: Stock Birken, Unsplash)
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