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The Instant Payments Regulation has been adopted by the European Parliament

On 7 February 2024, the European Parliament adopted at first reading the Instant Payments Regulation. 

The provisions of the text adopted by the European Parliament have not substantially changed compared to the text of the final compromise text which was released on 28 November 2023. For more information on the key obligations that will apply to payment service providers in this context, as well as the related timelines, please refer to our summary note on this topic. It should be stressed that the obligation for payments service providers (PSPs) to check, before the authorisation of a payment, whether the payee’s name matches the IBAN provided in a payment order applies to all credit transfers in euro, both instant and non-instant.

Subject to the exact publication date of the final text in the Official Journal of the EU, certain of the provisions of this new Regulation could apply as early as December 2024.

PSPs should therefore consider, without delay, the impacts of these new rules from an operational perspective but also in terms of amendments to be made to their internal policies and procedures as well as their contractual documentation.