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Instant Payments Regulation: new obligations

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Payment service providers must comply with a number of new obligations under the Instant Payments Regulation, which DNB will monitor. We list the most important obligations below.

Published: 18 February 2025

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The Instant Payments Regulation (IPR) entered into force on 8 April 2024. This European regulation aims to promote the use of instant credit transfers, both within and across national borders, and to make instant credit transfers in euro available to citizens, businesses and institutions holding a payment account in the European Union (EU) or the European Economic Area (EEA). With instant credit transfers, the funds are made available on the payee’s account within 10 seconds.

Four new key obligations

The IPR requires payment service providers (PSPs), including banks, to ensure that all payment service users in the EU can place payment orders for instant credit transfers in euro and receive instant credit transfers in euro. Second, the cost of an instant credit transfer may not exceed the fees charged to the payment service user for other similar types of euro transfers. Third, PSPs must offer a service ensuring verification. This service verifies the name of the payee to whom the payer intends to send a transfer. Finally, the IPR has specific rules on sanctions screening. Read the full text of the IPR here.

Compliance with IPR obligations

The IPR imposes prudential and integrity-related obligations on institutions covered by its provisions. DNB is responsible for monitoring compliance with the IPR obligations, and can also take enforcement action in case of non-compliance.

We would like to remind PSPs in the Netherlands of their obligation to comply with the following implementation deadlines:

  • Since 9 January 2025: PSPs can receive instant credit transfers and must use a harmonised sanctions screening procedure.
  • By 9 April 2025: PSPs must inform DNB of the share of rejections - for national as well as cross-border instant credit transfers - by applying targeted financial restriction measures.

    [Update 21 February 2025] Given the publication of the European Banking Authority (EBA) of 4 February 2025 regarding the final draft Implementation Technical Standards (ITS), this date would probably extended with 12 months. DNB advises financial institutions to keep informed on the communication by EBA.

  • By 9 October 2025: PSPs can send instant credit transfers and must offer a verification service to ensure the name of the payee corresponds to the IBAN number provided.
  • By 9 April 2027: Non-bank PSPs (payment and electronic money institutions) can send and receive instant credit transfers.

Any questions? Please contact DNB if you have any questions.

  • For questions on integrity-related obligations:
    the Financial Crime Supervision Department, office.TFC@dnb.nl
  • For questions on prudential obligations:
    the Oversight Department, office-bcm@dnb.nl

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