Updated requirements stipulate that incoming credit payments in the Eurozone currency must be processed within 10 seconds
Starting January 9, 2025, new rules for processing incoming credit payments in euros have come into effect in the European Union, requiring the processing time to be no more than 10 seconds. This was reported by Money at Home on Sunday, January 12, citing the corresponding amendments to the Instant Payment Regulation.
The requirement applies to all payment service providers (PSPs).
Along with this change, a provision regarding fees for instant transfers has also come into force. Specifically, the fee must not exceed the amount charged for standard transfers.
The initiator of a credit payment is the payer, while a debit transaction is initiated by the recipient.
It is worth noting that card-based banking transactions remain the most popular payment instrument in the EU. In 2024, they accounted for 45% of the total transaction value.
Previously, Money at Home reported that Meta shareholders proposed investing part of the company’s funds in Bitcoin.
