On 23 July 2024, the European Commission issued Q&As on Instant Payments Regulation (IPR) implementation.
The IPR entered into force on 8 April 2024 and a first set of obligations for payment service providers will have to be complied with as of 9 January 2025.
The Q&As are the product of two online
On 19 July 2024, the European Central Bank (ECB) issued a press release stating that the Eurosystem has defined a harmonised policy to allow non-bank payment service providers (PSPs) to access central bank-operated payment systems, including TARGET. Non-bank PSPs include payment institutions (PIs) and electronic money institutions (EMIs
On 16 July 2024, the Financial Stability Board (FSB) issued consultation reports on proposed recommendations intended to promote greater alignment in data frameworks related to cross-border payments and consistency in the regulation and supervision of bank and non-bank payment service providers.
The recommendations regarding data frameworks follow an FSB stocktake of national and
On 24 May 2024, the European Banking Authority (EBA) issued a report on virtual IBANs (vIBANs).
IBANs are commonly used as payment account identifiers across the EU. More generally, IBANs are mandated in some 60 jurisdictions in the world, with over 20 jurisdictions recommending its use for cross-border payments. The new
On 7 May 2024, the Council of the EU published the European Central Bank’s opinion on the proposed Regulation on payment services in the internal market and the proposed Directive on payment services and electronic money services repealing Directives 2015/2366/EU and 2009/110/EC. A technical working document produced in connection with the ECB opinion has also
On 29 April 2024, the European Banking Authority (EBA) published a draft opinion in which it assesses payment fraud data that has recently become available to the EBA, identifies new types and patterns of payment fraud, and develops proposals to mitigate them. The opinion aims at further strengthening the forthcoming legislative framework under
On 25 April 2024, the European Parliament issued a press release stating that it had adopted a first reading position on the proposed Directive on payment services and electronic money services in the Internal Market amending Directive 98/26/EC and repealing Directives 2015/2366/EU and 2009/110/EC and the proposed Regulation on payment services in the internal market
On 22 April 2024, the European Parliament issued a press release stating that it had adopted its position at first reading on the draft Directive on payment services and electronic money services in the internal market (PSD3) and the draft Payment Services Regulation (PSR).
The press release provides that MEPs adopted
On 19 March 2024, there was published in the Official Journal of the EU (OJ), Regulation (EU) 2024/886 of the European Parliament and of the Council of 13 March 2024 amending the Single Euro Payments Area Regulation, the Cross-Border Payments Regulation, the Settlement Finality Directive and the Second Payment Services Directive as regards
On 15 March 2024, the Council of the EU published the updated text of the proposed Regulation amending the Single Euro Payments Area Regulation, the Cross-Border Payments Regulation, the Settlement Finality Directive and the Second Payment Services Directive as regards instant credit transfers in euro.
On 26 February 2024, the Council of the EU issued