EU Instant Payments Regulation: deadlines and obligations
Deadlines of Regulation (EU) 2024/886 for receiving and sending instant payments, equal charges and Verification of Payee.
Regulation (EU) 2024/886 requires EU payment service providers that offer euro credit transfers to also offer instant credit transfers. It entered into force on 8 April 2024 and applies in phases.
Timeline
| Obligation | Euro area | EU outside the euro area |
|---|---|---|
| Receive instant payments | 9 Jan 2025 | 9 Jan 2027 |
| Charges no higher than a regular transfer | 9 Jan 2025 | 9 Jan 2027 |
| Send instant payments | 9 Oct 2025 | 9 Jul 2027 |
| Verification of Payee | 9 Oct 2025 | 9 Jul 2027 |
Payment and e-money institutions have their own deadlines: receiving from 9 April 2027 and sending from 9 April 2027 in the euro area (9 July 2027 outside it). Bulgaria, which adopted the euro in 2026, has until 1 January 2027.
What changes for businesses and consumers
- Instant payments at every bank that offers euro transfers, through the same channels: app, online banking or file upload.
- No extra cost: an instant payment cannot be more expensive than a regular transfer.
- Verification of Payee: before paying, the bank checks that the name matches the IBAN. See the Verification of Payee guide.
- Sanctions screening: banks check their customers at least once a day instead of screening each payment.
To see whether a specific bank already participates in the scheme, use the SEPA Instant checker.