EPIF is delighted to share with you our response to the Commission consultation on Instant Payments.

We agree with the Commission’s overall objective to foster pan-European market initiatives based on instant payments, which would ensure that anyone holding a payment account in the EU could be able to receive and send an instant credit transfer from and to any other payment account in the EU. EPIF fully supports the initiatives by the EU towards instant payments and we believe that the design of any such an initiative should consider all possible barriers to instant payments.

EPIF membership would support a non-legislative option, exploring possibilities of actively promoting the voluntary participation of PSPs in relevant standardisation processes or schemes, awareness raising campaigns addressed to payments services users such as consumers and merchants, setting up a structured dialogue with national payments communities to coordinate national plans for promoting the uptake of instant payments or potentially addressing a Commission Recommendation to Member States.