The Central Bank of the Republic of San Marino has opened a public consultation on draft regulations updating its SEPA payment-transaction framework, with a focus on outgoing instant credit transfers in euro. The proposal would clarify how daily and per-transaction amount caps can be applied and would align the timeline for launching the payee verification service on outgoing transfers with a later deadline of 9 July 2027. Under the draft amendments to Regulation 2024-04, a payment service provider (PSP) would, at a user’s request, offer the ability to set a maximum amount for instant transfers, on a daily basis and/or per transaction, and users would be able to change the limit before submitting a payment order. Where an instant transfer order exceeds the limit, the payer’s PSP would not execute it and would inform the user how to amend the maximum amount. The draft also envisages that San Marino PSPs provide the service of sending instant euro transfers and implement verification of payee (VOP) checks by 9 July 2027, including a parallel postponement to 9 July 2027 for PSPs that are payment institutions or electronic money institutions, and adds a reference to Directive 2009/110/EC. The regulation would enter into force on 30 September 2025 and, until 9 July 2027, the VOP provisions would not apply, allowing PSPs to offer instant euro transfers without VOP provided the user expressly acknowledges that VOP is not available. The consultation period ends on 12 September 2025. A consolidated version of the SEPA rules reflecting the amendments would be published on the Central Bank’s website.

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