Instant payment requirements: Clarification of key points of the regulation
On July 23, 2024,the European Commission published a set of questions and answers regarding the Regulation of the European Parliament and of the Council (EU) 2024/886 of March 13, 2024. The regulation introduces significant changes to existing regulations that aim to streamline and standardize instant transfers in euros across the European Union (the so-called IPR regulation).
Key changes introduced by the IPR regulation
The IPR regulation introduces a new standard for euro instant transfers. The most important change is the requirement that each transfer be made regardless of the time of day or day of the week, and that funds reach the recipient’s account within ten seconds. In addition, the payer must be immediately informed that the funds have been made available to the recipient.
Wider context: What does the European Commission say?
The Q&A published by the Commission contains a discussion of more than 200 issues that have arisen in relation to the IPR. The questions arose from two workshops organized by the Commission, attended by key stakeholders. It is worth noting, however, that the Q&A is not a source of law or an official interpretation of the IPR regulation.
Want to learn more about the impact of the new regulations on the financial market?
The full Q&A document, which includes detailed explanations of the IPR regulation, is available here.
If you are interested in how these new regulations may affect euro instant payments and what changes they will bring to the financial market, we invite you to read our other blog posts:
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