EU amends payment service rules to mandate instant euro transfers
Original title: 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 (Text with EEA relevance)
The European Parliament and Council adopted Regulation (EU) 2024/886 on 13 March 2024, amending PSD2 and other payment regulations to establish requirements for instant credit transfers in euro. Payment service providers and financial institutions must now ensure their systems support instant euro transfers alongside existing payment methods. The regulation entered into force on 8 April 2024, with implementation requirements affecting cross-border and domestic payment processing across the EU.
What changed
- PSD2 (Directive 2015/2366) amended to include instant credit transfer requirements and strong customer authentication rules for euro transfers
- Regulation (EU) No 260/2012 amended to harmonize instant payment processing standards across EU payment systems
- Regulation (EU) 2021/1230 modified to align with instant transfer mandates for euro payments
- Directive 98/26/EC updated to address settlement of instant credit transfers in the regulatory framework for payment finality
- Implementation deadline set for 8 April 2024 for compliance with instant euro transfer requirements
Who is affected
Payment service providers, banks, and financial institutions operating in the EU offering credit transfer services in euro; cross-border payment processors and domestic payment systems; entities subject to PSD2 SCA requirements.
Summary generated by a language model; the official text prevails. Not legal advice.