The evolution of Instant Payments in Europe
The European instant payments landscape is undergoing a dramatic transformation. Standing still is no longer an option for banks and PSPs on the continent.
Instant payments in Europe are coming: Are you ready?
The new regulations on instant payments in Europe came into force on February 26, 2024. These regulations aim to make instant payments fully available in euro to consumers and businesses across the EU and EEA countries. In summary banks and payments service providers (PSPs) must:
Send and receive
Be ready to receive (in 9 months) and send (in 18 months) instant payments with a 10 sec turnaround time and charging no more for the service than non-instant SCTs.
High availability and flexibility
Provide a scalable, 24x7x365 service through any incoming channel (e.g. mobile banking) with support for bulk payments.
Fraud management
Exercise proper fraud management including (at least daily) sanctions screening and a verification of payee service.
Watch this webinar replay to find out more about instant payments in Europe
Join our expert panel from the Austrian Central Bank and the Dutch Payments Association to find out more about the upcoming changes to instant payments in Europe.
Want to discuss other regions?
How will the new EU regulations impact you?
Addressing the challenges of instant payments doesn’t need to be a complex or lengthy process if you partner with Finastra.
Instant payments in Europe: What do banks need to do?
View this article for guidance on the steps banks should be undertaking now.
Seizing the Instant Payments opportunity with Finastra Payments To Go
Learn how Finastra can help you to meet the challenges of the new regulations and deliver the benefits of instant payments through our Payments-as-a-Service solution.
Meeting the payment fraud challenge with Verification of Payee
Learn how Verification of Payee (VoP), mandated under the new EU regulations, provides a powerful tool to tackle fraudsters and prevent misdirected payments, and how Finastra can deliver this, and other, fraud mitigation services.
Instant Payments in Europe and the U.K.: How to Seize the Opportunity
Discover how financial institutions and businesses can harness the growth in instant payments opportunities to meet the growing customer demands.
Banque Delubac & Cie goes live with Finastra to launch its instant payments offering
With Finastra Payments To Go, Banque Delubac & Cie can offer other financial institutions access to Europe’s TARGET Instant Payments Settlement (TIPS) service.
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