Today marks a key date for the EU Instant Payments Regulation, with the first wave of requirements coming into effect.

The Regulation deals with payment transactions denominated in euro and applies to Member State payment service providers (PSPs) who offer payment service users (PSUs) the service of sending and receiving credit transfers.

From 9 January 2025:

• Euro-area PSPs must provide the service of receiving instant euro credit transfers.
• Euro-area PSPs cannot levy charges for sending or receiving instant euro credit transfers that are higher than those levied in respect of other types of credit transfers.
• Any PSPs that offer instant euro credit transfers must verify whether any of their PSUs are subject to targeted financial restrictive measures.

From 9 October 2025:

• Euro-area PSPs must offer PSUs the payment service of sending instant euro credit transfers.
• Euro-area PSPs must provide a beneficiary-verification service where they are the payer’s PSP.

From 9 January 2027:

• PSPs located in a Member State whose currency is not the euro must provide the service of receiving instant euro credit transfers.
• PSPs located in a Member State whose currency is not the euro cannot levy charges for sending or receiving instant euro credit transfers that are higher than those levied in respect of other types of credit transfers.

From 9 July 2027:

• PSPs located in a Member State whose currency is not the euro must provide the service of sending instant euro credit transfers.
• PSPs located in a Member State whose currency is not the euro must provide a beneficiary-verification service where they are the payer’s PSP.

The European Commission has also published Q&As on the implementation of the Instant Payments Regulation.