Regulation (EU) 2024/886

What it is

to establish at EU level the necessary uniform rules for cross-border instant credit transfers in euro and to increase the overall use of instant transfers in euro. PROPOSED ACT: Regulation of the European Parliament and of the Council. ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council. BACKGROUND: instant payments (IPs) are a form of credit transfer whereby funds pass from the payer’s account to the payee’s in a matter of seconds, at any time, day or night, and any day of the year. This distinguishes IPs from other credit transfers, which are processed by payment service providers (PSPs) only during business hours, with the funds credited to the payee only by the end of the following business day. The Committee on Economic and Monetary Affairs adopted the report by Michiel HOOGEVEEN (ECR, NL) on the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 260/2012 and (EU) 2021/1230 as regards instant credit transfers in euro. The committee responsible recommended that the European Parliament's position adopted at first reading under the ordinary legislative procedure should amend the proposal as follows: The amended text stated that payment service providers that offer to their payments services users a payment service of sending and receiving credit transfers will offer to all their payment services users a payment service of sending and receiving instant credit transfers. The ECB and national central banks, when not acting in their capacity as monetary authorities or other public authorities, may limit their offer to payment services users of a payment service of sending instant credit transfers in euro to the period of time during which they receive and send non-instant credit transfers in euro. Where a payment order for an instant credit transfer in euro is submitted from a payment account that is not denominated in euro, the time of receipt will be the moment when the payment service providers, immediately upon receiving that payment order, converts the amount of transaction from the currency in which the payment account is denominated into euro. The report stated that any charges applied by a payment service provider on payers and payees in respect of sending and receiving instant credit transfer transactions in euro will not be higher than the charges applied by that payment service provider in respect of sending and receiving other, corresponding, credit transfer transactions in euro. Payment service providers will not increase, directly or indirectly, their charges in respect of sending and receiving other, corresponding, credit transfer transactions in euro. Competent authorities may, where they suspect that a payment service provider is engaged in a circumvention practice, request from that payment service provider any information they deem necessary to determine whether that payment service provider has engaged in such practice and will take all necessary measures to ensure compliance by that payment service provider. EBA will submit a report to the European…

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