Instant payments is all set to become new normal. As per FIS Global Payments Report, as of 2022, 60 countries globally have real-time payments infrastructure and 72 percent of the world’s population has, or will soon have, access to instant payments. Many markets are also replacing or enhancing their established real-time services with an objective to promote adoption, enhance security etc. 

In SEPA zone, every Payment Service Provider (PSP) that offers regular (non-Instant) payments will be expected to also offer Instant payments to all their clients at the same price. The regulators in EU have further mandated PSPs to offer verification of payee to ensure match between IBAN and Account Holder’s name. This service is to be offered for instant as well as non – instant SEPA payments. 

For both SEPA Instant Payments and Verification of Payee service, regulator have imposed a strict implementation timeline which necessitates PSPs to act now!