Instant payment in Europe- key milestones 2024-2025

The new regulation (EU) 2024/886 has been released the 13 of March 2024.

Let's see the next key milestones of instant payment (in Europe) in this short article

17 March 2024 : migration to version 2019 of ISO 20022. Why version 2019? To be short it enables better fraud management (rich data) and ease cross-border transaction.

9 January 2025: PSP* (in Europe and with euro currency) SHALL accept to receive instant payment.

9 October 2025: PSP* (in Europe and with euro currency) SHALL accept to send instant payment.

September 2025: Verification of payee services (VOP) enforcement.

?Cost of services

• FREE: Verification of the payee service verify IBAN owner to avoid IBAN fraud.
• FREE: Notification to the payer and payee about the output of the credit transfer (within 10s).
• The total charge for the instant credit transfer (in euro variant) SHALL not be higher than the charge for the non-instant credit transfer.

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What about refund?

9 October 2025: PSP failing to provide payee verification (VOP) to the PSU (consumer) SHALL immediately refund the payer in case of defective executed payment transaction.

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*A Payment Service Provider (PSP) is the entity (payment gateways, payment processors with bank) that enables merchants to accept online payments such as credit card, debit card, or bank transfer (direct debit or SEPA) either with or without a merchant account.

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For more detailed stay tune!

#Fime #InstantPayment #SCTInst #VOP