⚡️EU Sets Deadline for Instant Payments Regulation

⚡️EU Sets Deadline for Instant Payments Regulation

Three resolutions adopted by the Council of the European Union come into force on April 8, 2024: "Regulation on Cross-Border Payments", "Directive on the Purpose of Payments", and "2nd Directive on Payment Services" regarding instant euro credit transfers.

🟢 Specifically for these types of transactions, there is an expectation of strengthening protection (PSUs) against sending funds to unintended recipients of a payment.

🟢 Goodbye, national currencies. The European regulator expresses concern that in the field of cross-border transfers, the differences between national payment solutions in different countries in the region could lead to fragmentation of the internal market.

🟢 With this, the main objective of the new regulation is to improve the strategic independence of the economic and financial sector of the Old World from financial institutions and infrastructures such as Visa and Mastercard.

🟢 Negative Aspect: the deadlines for the implementation of the regulation are unprecedented in terms of scale and speed, which represents a serious problem for the EU's own financial institutions. The 27 member countries have only 9 months to adapt their processes to comply with the regulation.

#news #Europe