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.

New initiatives based on instant payments will increase competition in the Single Market and drive innovation bringing Europe to the forefront of payments innovation. We believe that mandatory requirement for the provision of instant payment services will speed-up the full up-take of instant payments, delivering value for both consumers and European businesses. We welcome in particular the balanced approach taken by the European Commission towards fraud prevention and sanction screening. This balance approach will guarantee the delivery of instant payment services by in scope entities without compromising the security and protection of consumers.

We look forward to continuing to engage with the European Commission and co-legislators on this important file.

You can find our full communication below.