Q&A by the European Commission – 200 Answers to the Most Important Questions on the Instant Payments Regulation

On 23 July 2024, the European Commission published a set of questions and answers concerning Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 amending Regulations (EU) No 260/2012 and (EU) 2021/1230 and Directives 98/26/EC and (EU) 2015/2366 as regards instant credit transfers in euro (the so-called IPR).

The IPR concerns instant transfers in euro. An instant transfer will be processed irrespective of the day and time, and the money should reach the recipient’s account within ten seconds. The payer should also be informed within ten seconds whether the transferred funds have been made available to the recipient.

We wrote more about instant euro transfers here: Euro transfers will arrive in 10 seconds

The Q&A published by the Commission contains a discussion of more than 200 issues that have arisen in relation to the IPR. The Q&A follows on two workshops organized by the Commission, attended by various stakeholders interested in the topic of instant transfers.

However, it should be noted that the published Q&A does not constitute a source of law or an official position on the interpretation of the IPR.

The full text is available here: Clarification of requirements of the Instant Payments Regulation

Do you need help understanding the requirements of the IPR or implementing the necessary procedures in your company? Contact our specialists to get professional legal assistance!