Instant payments: our advocacy efforts with the EU institutions

Last year, the EC has proposed a regulation to make instant payments available throughout the EU.
This proposal requires all PSPs to establish systems that allow their customers to send and receive instant payments. While this enhances payment efficiency, the proposal may impose excessive burdens on smaller organizations and raise money laundering risks.
The ABBL has therefore urged changes to the implementation timetable, particularly with regards to the requirement for free IBAN/name checks for customers. Most legislators have supported this requirement during the debate in the European Parliament, citing the successful implementation in the Netherlands. However, there is no equivalent database in other Member States, and sufficient time is needed to develop such a solution.
In addition, ABBL advocates reasonable exclusions from the requirements for transactions/activities involving high-risk factors listed in the AMLD. This exclusion ensures that due diligence requirements remain the top priority in these types of transactions. Negotiations are ongoing, and ABBL is actively participating in dialogue with EU institutions to promote these modifications.
The Council of Member States and the European Parliament are expected to adopt their respective positions on the regulation by summer. Following inter-institutional negotiations, the regulation could come into effect before the end of the year. Despite the ongoing negotiations, the ABBL remains committed to advocating for changes that promote efficiency and mitigate risks for PSPs and their customers.