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DRAFT 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

ECON-PR-742661

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.

This is the rapporteur's draft report on the Commission proposal to amend Regulations (EU) No 260/2012 and (EU) 2021/1230 on instant credit transfers in euro. It adopts a first-reading position and tables amendments to the proposal. The amendments require payment service providers (PSPs) offering credit transfers in euro to offer instant credit transfers in euro to all their users, and to verify free of charge whether the payee's account identifier and name match. They require PSPs offering instant credit transfers to check whether their users are listed persons or entities, and let member states set penalties for breaches of the new rules. The report also calls on the Commission to refer the matter to Parliament again if it substantially amends its proposal.

Committee position. The rapporteur adopts a first-reading position and tables amendments to the Commission proposal. He supports the proposal's EU-wide approach, the free IBAN name check and a move to client-based sanctions screening, and proposes clarifications on paper and bulk payments, sanctions checks and the scope of PSPs covered.

Key points

  1. National rules on instant credit transfers risk fragmenting the internal market and raising compliance costs; the rapporteur wants legislation at European level.
  2. PSPs providing credit transfer services to their users should be required to offer sending and receiving instant credit transfers in euro, since at least one third of PSPs do not offer them.
  3. There should be no difference in the interfaces for placing instant and other credit transfers; for paper orders the time of receipt is when the order enters the payer PSP's IT system, and for packaged orders when conversion into individual transactions is completed.
  4. The rapporteur proposes revising Directive 98/26/EC so that payment and e-money institutions can be brought within the scope of the regulation in the future.
  5. PSPs operating in the Union should verify whether the payee's unique identifier and name match, notify the payer of discrepancies within seconds and before authorisation, and offer the check free of charge.
  6. PSPs must inform users about opting out of the discrepancy service and about the liability and refund consequences of ignoring a notified discrepancy; users may opt out and opt in again.
  7. PSPs should verify as soon as possible after a new asset-freeze or funds-prohibition measure whether their users are listed persons or entities, without affecting anti-money laundering or other obligations.
  8. A PSP that incurs sanctions penalties because another PSP failed to carry out timely verifications should be compensated by the failing PSP.
  9. PSPs offering instant credit transfers, not only those executing them, must verify whether their users are listed persons or entities.
  10. Member States must lay down effective, proportionate and dissuasive penalties for infringements of Articles 5a to 5d within four months of entry into force, with no penalty where accounts are unreachable due to planned downtime of all SEPA instant credit transfer scheme-based services.
  11. The rapporteur supports an EU-wide approach to cross-border instant payments including paper and bulk payments on a 24/7/365 basis, non-discriminatory pricing, and a move from transaction-based to client-based sanctions screening.

Who is affected

  • Payment service providers offering credit transfers in euro: must offer instant credit transfers and verify payee details free of charge.
  • Payment and electronic money institutions: the rapporteur wants them brought within the regulation's scope via a revision of Directive 98/26/EC.
  • Payment service users: get free discrepancy checks, notifications and the right to opt out of the service.
  • Member States: must set penalties for infringements of Articles 5a to 5d within four months of entry into force.

Figures and deadlines

  • At least one third of PSPs in the Union do not offer instant credit transfers in euro.
  • Notification of discrepancies should be provided within no more than a few seconds from the moment the payer provided the payee information.
  • Member States shall lay down penalty rules by a date four months after the date of entry into force of the Regulation.
  • Funds pass from payer to payee within ten seconds at any point in the year, including weekends.
  • At the end of 2021, only 11% of credit transfers in the EU were made via instant payments.

Legal basis: Article 294(2) and Article 114 of the Treaty on the Functioning of the European Union.