On 21 October 2024, the Governing Council of the European Central Bank (ECB) announced the launch of two initiatives designed to help improve cross-border payments within the EU and beyond.
The initiatives build on the Eurosystem’s TARGET Instant Payment Settlement (TIPS) service, and relate to:
In the summer of 2023, the European Commission issued a payment services legislative package which amends the existing Payment Services Directive 2 (PSD2). A new Directive, PSD3, was proposed together with a Regulation, the Payment Services Regulation (PSR). In addition, a further Regulation was proposed, a Regulation on a Framework for
On 1 August 2024, the European Banking Authority (EBA) and the European Central Bank (ECB) issued a joint report which assesses the latest payment data reported to these authorities under Article 96(6) of the revised Payment Services Directive (PSD2).
The joint report:
On 31 July 2024, the European Banking Authority (EBA) issued a public consultation on draft Implementing Technical Standards (ITS) for uniform reporting templates in relation to the level of charges for credit transfers and share of rejected transactions under the Single Euro Payments Area (SEPA) Regulation.
On 19 March