Central Bank of Malta launches consultation on pan-European instant payment scheme requirements

The Central Bank of Malta has launched a consultation on a proposed directive establishing a national framework for selecting and adopting a pan-European scheme for peer-to-peer and point-of-interaction payments based on Single Euro Payments Area instant credit transfers. The framework would apply to credit institutions, payment institutions and electronic money institutions, including relevant Maltese branches of institutions incorporated abroad. An eligible scheme would need to be European-governed, support euro instant payments across physical and online channels, provide pan-European reach and ensure interoperability, open access and coordinated adoption across Malta. Participating payment service providers would have to give users access to the scheme’s standard application, enable relevant consumers to send and receive peer-to-peer payments and initiate point-of-interaction payments free of charge, while acquirers would have to enable payees to accept scheme-based instant transfers. The Central Bank could grant exemptions on a case-by-case basis. The consultation closes on May 22, 2026. Following publication of the final directive, Malta’s banking and financial institution associations would have 30 days to propose a single eligible scheme, after which the Central Bank, working with the Malta Financial Services Authority, would have 30 days to assess it. The participation and provider obligation provisions are proposed to take effect on Jan. 1, 2028.