Instant payments are set to become the ‘new normal’ with the EU Parliament’s decision to require payment service providers (PSPs) offering SEPA credit transfers to also offer instant credit transfers to their customers at the same price.
All PSPs in the eurozone will be required:
In addition, there are changes to the sanctions screening process and verification of payee, which will need to completed in three seconds or less.
Implementing instant payment capabilities impacts many areas within a bank, from the IT landscape to product, compliance and operations.
With tight deadlines to achieve compliance, payment providers must act now – whether to introduce instant payments or re-evaluate existing implementations to accommodate recent regulatory changes.