Central Bank of Luxembourg publishes research linking EU instant payments rules to a 1 to 2 percentage point rise in instant transfers within six months

The Central Bank of Luxembourg has published a research paper on the effect of the European Union Instant Payments Regulation on payment behaviour in Luxembourg. Using monthly data collected from payment service providers for 2022 to 2025, the study finds that after the regulation took effect in January 2025, the share of instant transfers in total Single Euro Payments Area credit transfers rose by about 1 to 2 percentage points within six months relative to the pre-regulation baseline, equal to several hundred thousand additional instant payments per month. The paper compares institutions already subject to the regulation with those not yet required to comply in order to isolate the effect of the new rules. It reports no comparable increase before January 2025, describes the rise in instant payments as gradual but persistent rather than temporary, and says providers began adapting immediately after the regulation entered into force despite a later deadline for full compliance with sending obligations. The study interprets that pattern as consistent with anticipatory behaviour, including early operational preparation and competitive dynamics. It also notes that the findings reflect the authors' views and not necessarily those of the Central Bank of Luxembourg or the Eurosystem.