Draft Bill on Access to Instant Transfers: Key Changes in the Polish Legal System

In early August 2024, the government announced the adoption of a draft bill that introduces significant changes to the Polish legal framework. Central to this draft are amendments to the Act on the Bank Guarantee Fund, the deposit guarantee system, and forced restructuring. This is a crucial step aimed at aligning Polish regulations with European standards in the area of instant payments.

What Does This Mean for the FinTech Sector?

It’s important to note that the draft bill doesn’t just affect banks; it also has a direct impact on the FinTech sector. The bill’s objectives include ensuring the application of the Immediate Payments Regulation (Regulation (EU) 2024/886 of the European Parliament and of the Council of March 13, 2024, amending Regulations (EU) No. 260/2012 and (EU) 2021/1230, as well as Directives 98/26/EC and (EU) 2015/2366), known as the IPR Regulation.

New Challenges and Opportunities

The proposed regulations are designed to implement the IPR Regulation within the Polish legal system. The most significant goal of this regulation is to make instant payments in euros (within 10 seconds) a standard by requiring payment service providers to offer these payments 24/7 (24 hours a day, 7 days a week).

We wrote more about instant euro transfers here.

For the FinTech sector, an important aspect of the IPR Regulation is the opening of direct access to designated payment systems for non-banking PSP, such as payment institutions and e-money institutions. The draft bill is also expected to include a set of sanctions for non-compliance with the new rules.

When Will the Changes Take Effect?

The draft law containing the proposed solutions has not yet been published. According to information from the government’s work list, the draft is expected to be adopted by the government later this year, in the fourth quarter of 2024. This means we can expect the shape and scope of the specific regulations to be revealed by the end of the year.