On 17 July 2020, the European Commission adopted a legislative proposal for a new Regulation on cross-border payments in the EU. It has also published the annexes to the proposed Regulation.

The purpose of the proposed Regulation is to undertake a codification of Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2013. The proposed Regulation will preserve the content of the acts being codified and does no more than to bring them together with only formal amendments that are required by the codification exercise itself.