Central Bank of the Republic of San Marino postpones outgoing instant EUR credit transfer and Verification of Payee requirement to July 2027

The Central Bank of the Republic of San Marino has issued updated SEPA payment transaction rules that defer the obligation for San Marino payment service providers (PSPs) to offer customers the ability to send instant EUR credit transfers, together with Verification of Payee (VOP) on outgoing credit transfers, until 9 July 2027. The changes are set out in Regulation No. 2025-03, which enters into force on 8 October 2025. The deferral reflects the temporary unavailability of the new VOP service for countries that adopt the euro and are SEPA members but are not members of the European Economic Area. Until 9 July 2027, the VOP provisions in Regulation No. 2024-04 do not apply, and San Marino PSPs may offer outgoing instant EUR credit transfers without VOP provided users are informed that VOP cannot be provided. Following the public consultation and requests from the San Marino Banking Association, the regulation also confirms that users can change maximum amounts for outgoing instant credit transfers at any time, including upwards, within limits agreed with the PSP, and permits PSPs to implement the new services on a mass basis by exceptionally using a unilateral generalized variation procedure, within 60 days and in any event before launch, with adequate notice of VOP unavailability so customers can make an informed choice. Existing contracts that require alignment with the amended rules must be adjusted within 60 days of entry into force and before the service starts, with exceptional recourse to the generalized variation procedure referenced in Regulation No. 2007-07. The Central Bank will publish a consolidated version of the amended text on its website.