Finland's Ministry of Finance has published a government bill proposing amendments to Finnish law to complement new EU rules requiring banks and other payment service providers to offer instant payments to customers. Under the EU regulation, fees for instant euro credit transfers must not exceed the fees charged for other euro-denominated credit transfers. Instant payments are credit transfers where funds move from the payer’s account to the payee’s account within seconds, domestically and between EU countries, and are available at any time. Euro area banks already receive instant payments and must offer a sending service by 9 October, with obligations later extending to banks in other EU countries and the European Economic Area; Finland’s supplementary legislation would, among other things, set administrative penalty payments, implement amendments to the Second Payment Services Directive, and define the concept of an instant credit transfer. The government proposes that the legislative changes enter into force at the beginning of April.
Ministry of Finance (Finland) 2025-01-23
Finland's Ministry of Finance submits bill to supplement the EU instant payments regulation with sanctions and PSD2 changes
Finland's Ministry of Finance has introduced a bill to amend national law in line with new EU regulations mandating instant payment services by banks and payment providers. The bill includes provisions for administrative penalties and updates to the Second Payment Services Directive, defining instant credit transfers. The changes are proposed to take effect in April.