Instant Payments Regulation (Regulation 2024/886)

Description

Regulation (EU) 2024/886 is an in-force EU regulation that amends existing payment rules to make instant credit transfers in euro more widely available. An instant transfer is executed immediately, 24 hours a day, on any calendar day. The rules cover relevant national and cross-border euro transfers, and require covered providers to offer instant transfers to customers who are offered ordinary credit transfers.

Key dates

1. 8 Apr 2024Entry into force
2. 9 Jan 2025Applies from
3. 9 Jan 2025Euro-area PSPs must receive SEPA instant credit transfers; sanctions screening rule (Art 5d) applies to all PSPs
4. 9 Oct 2025Euro-area PSPs must send instant transfers and offer Verification of Payee
5. 9 Jan 2027Non-euro PSPs (e.g. PL) must receive euro instant transfers; charges parity applies
6. 9 Apr 2027Euro-area payment and e-money institutions must send and receive
7. 9 Jul 2027Non-euro PSPs must send euro instant transfers and offer Verification of Payee