The EU has reached a political agreement on its instant payments legislation, which aims to improve the availability of instant payment options denominated in euro across the EU and the European Economic Area.
While instant payments have been offered in the EU for a number of years, under the provisional agreement, instant payments in euro will become a requirement — not a possibility — for payment service providers, according to Dirk Haubrich, head of conduct, payments and consumers at the European Banking Authority.
