The European Commission announced that new EU rules on instant euro credit transfers are now in effect for euro-area payment service providers, requiring them to offer customers the ability to send instant payments in euro and to provide verification of payee checks to combat fraud. These obligations build on requirements already applicable since January 2025 for providers to enable customers to receive instant euro payments. Euro transfers must reach the recipient’s account within seconds and be available at all times, including nights, weekends and holidays. Providers must not charge more for an instant payment than for a standard credit transfer, and must offer verification of payee free of charge to the payer by checking whether the payee name matches the IBAN entered. The framework also enables payment and e-money institutions to participate directly in payment systems to deliver payment services, including instant payments, more efficiently. From January 2027, payment service providers outside the euro area will also be required to support sending and receiving instant payments in euro and to verify the beneficiary. The Commission will monitor how charges for instant payments evolve and report to EU co-legislators on affordability, accessibility and any remaining obstacles.
European Commission 2025-10-09
European Commission activates rules requiring euro-area providers to send instant euro payments and verify payees
The European Commission has implemented new EU rules requiring euro-area payment service providers to offer instant euro credit transfers and verify payee checks to combat fraud. Transfers must be completed within seconds, available 24/7, and cost no more than standard transfers. From January 2027, non-euro area providers must also comply, and the Commission will monitor and report on the affordability and accessibility of these services.