The recent adoption of the Instant Payments Regulation (IPR) by the European Parliament and the Council has brought significant changes to the landscape of euro-denominated credit transfers. To clarify the implementation of these changes, the European Commission’s Directorate-General for Financial Stability, Financial Services and Capital Markets Union (DG FISMA) held workshops with Member States’ authorities and stakeholders.
Here are some key takeaways from the Q&A sessions:
- Scope of Credit Transfers:
The IPR focuses on euro instant payments. When asked if the regulation covers all credit transfers, DG FISMA clarified that it applies exclusively to euro-denominated transactions. This ensures a unified approach within the Eurozone, distinguishing between euro transfers and those in other currencies.
- Inclusion of Savings and Cooperative Banks:
A significant point of discussion was whether savings and cooperative banks fall under the IPR. DG FISMA confirmed that these banks, if they offer credit transfer services, must also provide instant credit transfers. This inclusion aims to broaden the availability of instant payments across different types of financial institutions.
- Impact on Non-Banking Payment Service Providers (PSPs):
Non-banking PSPs, such as Electronic Money Institutions (EMIs) and Payment Institutions (PIs), are also required to comply with the IPR. Even if they do not have direct access to settlement systems, they must offer instant credit transfers through indirect means. This ensures that all PSPs, regardless of their size or direct system access, provide instant payment services.
- Customer Choice and Flexibility:
The regulation does not mandate that all euro transfers be instant. Customers retain the choice between regular and instant credit transfers. This flexibility allows users to select the type of transfer that best suits their needs, whether for speed or other considerations.
- Clarification on Specific Account Types:
Questions were raised about the applicability of the IPR to various account types, such as fiduciary and pledged accounts. DG FISMA clarified that the obligations are imposed on PSPs, not on the accounts themselves. The key factor is whether the account qualifies as a “payment account” under the SEPA Regulation.
A spokesperson from DG FISMA emphasized, “The IPR’s implementation is a crucial step towards enhancing the efficiency and inclusivity of the EU’s payment systems. By addressing these detailed questions, we aim to ensure a smooth transition and widespread adoption of instant payments.”
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