EPIF welcomes the proposal by the European Commission on instant credit transfers in euros. This proposal is an essential element of the EU’s Retail Payments Strategy and EPIF members have always supported the efforts by the European Commission to foster pan-European initiatives. As a member of the European Payments Council (EPC), EPIF has actively participated in the development of the Scheme Rules for instant payments in the EU and through its members contributed to the growing availability and acceptance of instant payments across the Union even without this new legislation in place.
Payment Institutions (PIs) and E-Money Institutions (EMIs) can play an important role in delivering new innovative instant payment services that would further enhance competition in the market, and in fact some do so already on a voluntary basis. PIs and EMIs would of course look forward to working with regulators on appropriate measures adapted to the roles and responsibilities of the stakeholders involved.
EPIF continues to advocate in favor of an amendment to the Settlement Finality Directive (SFD)1 which would open the way for direct access by PIs and EMIs to settlement systems. In such cases, regulation should be tailored with consumer interests in mind, and be designed to achieve outcomes which protects their interests as well as the integrity of the wider ecosystem.
You can read more on the EPIF position in the paper below.