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REPORT (COM(2022)0546 – C90362/2022 – 2022/0341(COD))

On the proposal for a regulation of the European Parliament and of the Council amending Regulations (EU) No 260/2012 and (EU) 2021/1230 as regards instant credit transfers in euro

A-9-2023-0230

Committee on Economic and Monetary Affairs · Rapporteur: Michiel Hoogeveen

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Written by a language model from the full text only; every figure comes from the text. The paragraph links open the paragraph a statement rests on — check the text itself before relying on it.

Parliament's amended version of the Commission proposal for a regulation on instant credit transfers in euro requires payment service providers (PSPs) that offer credit transfers to also offer sending and receiving instant credit transfers. It sets rules on charges, a payee verification service, and screening of payment service users (PSUs) against EU sanctions, with staged application dates. It amends Regulations (EU) No 260/2012 and (EU) 2021/1230 and Directives 98/26/EC and 2014/92/EU.

Committee position. The Committee on Economic and Monetary Affairs proposes amendments to the Commission proposal, including requiring PSPs to offer instant credit transfers, setting charge rules, introducing a payee verification service, and changing sanctions screening to daily checks of PSUs.

Key points

  1. PSPs offering credit transfers must offer all PSUs the service of sending and receiving instant credit transfers in euro.
  2. Instant credit transfers must be processed 24 hours a day, with the payee's account credited within 10 seconds and confirmation sent within 10 seconds.
  3. PSUs must be able to set a maximum amount for instant credit transfers and modify it at any time; PSPs must not execute transfers above it.
  4. Charges for instant credit transfers must not exceed charges for corresponding other credit transfers, and PSPs must not raise other charges to circumvent this.
  5. PSPs must provide a free payee verification service for regular and instant credit transfers, notifying the payer of match, close match, no match or unavailable before authorisation.
  6. PSPs must verify at least daily whether their PSUs are listed persons or entities under EU sanctions, and must not screen payer or payee during instant credit transfer execution.
  7. A PSP that fails to carry out verifications and causes another PSP to incur penalties must compensate that other PSP for the financial damage.
  8. Member States must lay down effective, proportionate and dissuasive penalties for infringements, including fines of at least 10% of annual net turnover for legal persons and at least EUR 5 000 000 for natural persons.
  9. Obligations apply gradually: receiving instant credit transfers by 6 months, sending by 12 months, and for non-euro Member States receiving by 30 months and sending by 36 months after entry into force.
  10. The Commission must monitor industry development of EU-wide instant payment rules and may require EBA to develop regulatory technical standards.

Who is affected

  • Payment service providers in the EU, which must offer instant credit transfers, verify payees, and screen users against sanctions.
  • Payment service users, who gain access to instant transfers, payee verification, and the ability to set maximum amounts.
  • Payment institutions and electronic money institutions, which may participate in designated payment systems to offer instant transfers.
  • Member States, which must set penalties and transpose certain provisions.

Figures and deadlines

  • 10 seconds: time within which the payee's account must be credited and confirmation sent.
  • 6 months after entry into force: deadline for euro-area PSPs to offer receiving instant credit transfers.
  • 12 months after entry into force: deadline for euro-area PSPs to offer sending instant credit transfers.
  • 18 months after entry into force: deadline for payment institutions and electronic money institutions in the euro area to offer sending and receiving instant credit transfers.
  • 30 months after entry into force: deadline for non-euro-area PSPs to offer receiving instant credit transfers.
  • 36 months after entry into force: deadline for non-euro-area PSPs to offer sending instant credit transfers.
  • 10% of total annual net turnover: minimum ceiling for administrative fines on legal persons.
  • EUR 5 000 000: minimum ceiling for administrative fines on natural persons.

Legal basis: Article 114 of the Treaty on the Functioning of the European Union.