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Big news - the European Parliament just approved new rules that will completely change how we send and receive money within the EU! Starting from now on, all bank transfers between Eurozone countries will have to be processed instantly, day and night, 365 days a year. Say goodbye to waiting 1-3 business days for international transfers to clear. With these reforms, you'll be able to instantly send funds to friends and family abroad, pay invoices due in other EU nations in real time, or quickly move money between your business accounts across borders. This is a major win for customers and companies operating across Europe. No more missed payment deadlines or facing late fees due to delays in the traditional transfer rails. Real-time payments will boost e-commerce and help accelerate cross-border business partnerships within the bloc. The new rules aim to level the playing field and give European citizens a transfer experience on par with digital services like Venmo, PayPal, and bank apps in their home country. Will instant EU-wide money transfers be a game-changer for your personal finances or business operations? Let me know your thoughts! #fintech #banking #OpenBanking #FinTechRegulation #realtimepayments

CJEU: Payment institution is allowed to keep users’ funds for indefinite period Yesterday (22/02/2024) the judgment of the Court of Justice in the "ABC Projektai" UAB case, C‑661/22, was published. The #CJEU expressed its view on the nature of payment accounts operated by payment institutions. The reason of the judgment was the position of the Bank of Lithuania, according to which a payment institution which keeps the user’s funds in a payment account for indefinite period (and claims that it does not issue electronic money) violates PSD2. Bank of Lithuania claimed that crediting funds received from customers to accounts for payments received without a specific payment purpose and retaining them for several days, and sometimes several months, without transferring the funds to the accounts of the recipients of those payments de facto constitutes issuance of electronic money. The CJEU stated that such position is not justified by the regulations. CJEU pointed out that no provision of #PSD2 “precludes funds from being credited in advance to a payment account for the purpose of executing future payment orders, including payment orders not yet specified, or lays down any time limit within which, after such an account has been credited with a certain amount, that amount must be used for the purposes of a payment transaction”. The judgment is an important voice in the discussion that has divided European financial supervisors. It is in line with a position consistently maintained e.g. by the Polish Financial Supervision Authority. On the other hand, the ruling is contrary to the supervisory position expressed by the Bank of Lithuania. I always treated the position of the Bank of Lithuania as an attempt to find the easily noticeable difference between #emoney and scriptural money. The CJEU rightly concluded that duration of storage of funds is not that difference. One can only regret that the CJEU did not attempt to take the position on what the difference actually is.   #fintech #payments #banking

Instant payments are coming to EU —————————————————— The following requirements regarding euro instant payments are agreed in Europe meaning payments will under 10 seconds across banks. ✅ Making instant euro payments universally available, with an obligation on EU payment service providers that already offer credit transfers in euro to offer also their instant version ✅ Making instant euro payments affordable, with an obligation on payment service providers to ensure that the price charged for instant payments in euro does not exceed the price charged for traditional, non-instant credit transfers in euro ✅ Increasing trust in credit transfers, with an obligation on providers to verify the match between the bank account number (IBAN) and the name of the beneficiary provided by the payer in order to alert the payer of a possible mistake or fraud before the payment is made ✅ Removing friction in the processing of instant euro payments while preserving the effectiveness of screening of persons that are subject to EU sanctions, through a procedure whereby payment service providers will verify at least daily their clients against EU sanctions lists, instead of screening all transactions one by one This means banks holding funds for days will be illegal and this will help change the banking landscape in the EU even further. Thanks for sharing Chris Armstrong. This will help your iPledge process payments faster !

If you missed it: on Tuesday the #Council and #Parliament reached agreement on the proposal for #instantpayments in #EUR. The new rules modernise the 2012 Single Euro Payments Area (#SEPA) Regulation and will allow people to #transfer #money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to another EU member state. The provisional agreement takes into consideration particularities of non-euro area entities. #Payment #service #providers such as #banks, which provide standard credit transfers in euro, will also be required to offer the service of sending and receiving instant payments in euro. The #charges that apply (if any) must not be higher than the charges that apply for #standard #credit #transfers. The Council and Parliament agreed that the new rules will come into force after a #transition #period that will be faster in the euro area and longer in the non-euro area, who need more time to adjust. Instant payment providers will need to verify that the #beneficiary’s #IBAN and #name match in order to alert the payer to possible mistakes or #fraud before a #transaction is made. This requirement will apply to regular transfers too. #Eurozone #economy #finance #banking #compliance

🚀 The Council and the European Parliament have reached a provisional agreement on instant payments, bringing great benefits to consumers and businesses in the EU and EEA countries. This will improve the strategic autonomy of the European economic and financial sector while reducing reliance on third-country institutions. Instant payments allow for money transfers within ten seconds, even outside business hours, not only within the same country but also to other EU member states. Payment service providers, including banks, will be required to offer instant payment services without charging higher fees than standard credit transfers. While this development brings convenience and innovation, it's crucial to address potential risks, especially online payment fraud. The new rules mandate that instant payment providers verify the beneficiary's #IBAN and name, alerting the payer to possible mistakes or #fraud before a transaction is completed. This requirement will also apply to regular transfers. Additionally, the new regulations grant access for payment and e-money institutions to payment systems, ensuring a level playing field and minimizing potential risks. The Council and Parliament have added appropriate safeguards to prevent additional risks to the system. This move towards instant payments supports the completion of the Capital Markets Union and the objective of developing a competitive EU-wide market-based payment solution. The Commission will present a report evaluating the development of credit charges as part of the review clause included in the agreement. Overall, this development is a significant step forward in improving payment options for consumers and businesses, enhancing the European financial sector's autonomy, and stimulating innovation. 🌐💰💼 #InstantPayments #EUfinance #DigitalPayments #Innovation #fraudprevention #digitalidentity #payments #alternativepaymentmethods #innovation #banking #paymentserviceproviders #EU

🚀 The Council and the European Parliament have reached a provisional agreement on instant payments, bringing great benefits to consumers and businesses in the EU and EEA countries. This will improve the strategic autonomy of the European economic and financial sector while reducing reliance on third-country institutions. Instant payments allow for money transfers within ten seconds, even outside business hours, not only within the same country but also to other EU member states. Payment service providers, including banks, will be required to offer instant payment services without charging higher fees than standard credit transfers. While this development brings convenience and innovation, it's crucial to address potential risks, especially online payment fraud. The new rules mandate that instant payment providers verify the beneficiary's #IBAN and name, alerting the payer to possible mistakes or #fraud before a transaction is completed. This requirement will also apply to regular transfers. Additionally, the new regulations grant access for payment and e-money institutions to payment systems, ensuring a level playing field and minimizing potential risks. The Council and Parliament have added appropriate safeguards to prevent additional risks to the system. This move towards instant payments supports the completion of the Capital Markets Union and the objective of developing a competitive EU-wide market-based payment solution. The Commission will present a report evaluating the development of credit charges as part of the review clause included in the agreement. Overall, this development is a significant step forward in improving payment options for consumers and businesses, enhancing the European financial sector's autonomy, and stimulating innovation. 🌐💰💼 #InstantPayments #EUfinance #DigitalPayments #Innovation #fraudprevention #digitalidentity #payments #alternativepaymentmethods #innovation #banking #paymentserviceproviders #EU

Read this article to learn what banks and payment service providers in the EU will need to do to ensure compliance with the newly adopted rules on instant payments #ey #payments #financialservices

Very much looking forward to the publication of the National Payments Vision, which we can expect in the upcoming months. In the meantime, "The UK must continue to innovate in digital payments." Phew! #paymentsinnovation #opportunities #digitalmoney #efficiencies #innovation #smartmoney

Read this article to learn what banks and payment service providers in the EU will need to do to ensure compliance with the newly adopted rules on instant payments #ey #payments #financialservices

The European Parliament officially adopted the European Instant Payments Regulation on 7 February 2024 with an overwhelming majority of 599 votes (7 against, 35 abstain). The groundbreaking set of rules – slated to apply from spring 2025 across the EEA – aims to accelerate the adoption and widespread use of instant payments across the EEA, facilitating cross-border transactions to boost connectivity and economic unity across the EU. This includes: 1) Mandatory instant payments: send and receive instant payments within 10 seconds and ensure they are available to all customers at any time. 2) No additional fees: ensure instant payments in euros are not more expensive than standard euro credit transfers. 3) IBAN verification: validate payee’s name and their IBAN before executing transactions and alert customers to any discrepancies. 4) Sanction screening compliance: conduct daily sanctions screenings in line with AML (anti-money laundering) regulations. What happens next and how to prepare: The new rules enter into force 20 days after publication in the EU Official Journal. The EU member states will have 12 months to apply the regulation, and make this a reality in 2025.  PSPs located in the euro area will have 9 months to be ready to receive instant credit transfers in euro and 18 months to send them. Banks and PSPs should define their own roadmap and implementation plan: it is important to plan ahead and focus on payments modernisation agenda to drive efficiency, cost optimisation and simplification. https://lnkd.in/eaXX4eQf Christopher Woolard CBE Corinne Kaufman Sigrid Hansen Clément Robert Sacha Groynne Genevieve Marjoribanks Abigail Viljoen Anu Widyalankara Michael Cooke Bharat Mathur Susan M. Barton Andreas Habersetzer Olivier Perrin Oliver Pugh Jean-François Delorme Jeroen van der Kroft Menno Bonninga Zeynep Deldag Nigel Moden Federico Guerreri Alex Birkin Dr. Jan Rosam Christopher Schmitz Danielle Grennan Laurent Nossent Ajay Bali Silje Arnesen Henrik Hilberts Remi Hesterman Jan Bellens Jennifer Moore Lucas Jeremy McDougall Andrew Lim