13 July 2023

Commenting on the EU’s Instant Payment Regulation, the Chair of the Open Finance Association, Nilixa Devlukia, said:

“We welcome the start of the trilogue negotiations on the instant payments package. We are encouraged to see this important file being progressed at pace. Every European should have access to easy to use instant payments. The instant payments file will address the limitations of SEPA Instant and better enable open banking payments across the EU. We support the Parliament’s proposals to guarantee that instant transfers will be priced the same as their non-instant counterparts, without room to circumvent the requirement by raising the cost of both. We also support giving non-bank PSPs access to payment systems via amending the Settlement Finality Directive. It will inject competition and innovation in the payments sector and should be introduced at the same time as the instant payments changes. We look forward to the results of the trilogue negotiations and to instant payments becoming the new normal across Europe.”