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.
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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.
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.
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:
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