The Council adopted a regulation on immediate payments. It will give consumers and businesses in the EU and EEA full access to such euro payments.
Regulation on instant payments
The new rules will increase the strategic autonomy of the European economic and financial sector by helping to reduce excessive dependence on institutions and infrastructure financial resources from third countries. Greater cash flow opportunities will benefit citizens and businesses and encourage innovative value-added services.
The regulation on instant payments will allow you to transfer money in 10 seconds - also outside bank opening hours - not only within the country, but also to another country. Member State EU. It takes into account the specific nature of external entities euro zone.
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The regulations will enter into force after a transitional period
Payment service providers (e.g. banks) that offer standard euro transfer services will be obliged offer a service of making and receiving payments instant loans in euro. They will not be able to charge for this service higher fee than with standard euro transfers.
The new regulations will enter into force after a transitional period of less than... the euro area, and longer in countries outside the zone that need more time to adapt.
The regulation provides for appropriate safeguards
The regulation grants access to payment systems to payment institutions and electronic money institutions - it does so purpose of changes in the Settlement Finality Directive. As a result, after the transitional period, these entities will have to offer a service consisting in executing and receiving immediate transfer orders. The regulation provides for appropriate safeguards to ensure that access granted to these institutions does not result in additional threats to the system.
The new regulations require instant payment providers to check whether the IBAN number matches the recipient's name in order to notify the payer before the transaction of any errors or fraud. This requirement will also apply to regular transfers.
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Source: Council of the EU, Photo: EU/Informal meeting of ministers of economy and finance
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