On 14 February, ESBG sent its position paper on instant payments to key Members of the European Parliament (MEPs) and staff members of the European Commission DG FISMA in charge of the proposed legislative act.
Published in October 2022 by the European Commission, the proposal for a Regulation as regards instant credit transfers in euro aims to make instant payments in Europe the “new normal”.
ESBG collected some main concerns in a position paper over the last months and discussed parts of it with DG FISMA earlier in February. The paper provides some insight into why the adherence to the rules should be based on the number of reached (consumer) accounts and why instant payments, considering it as a “premium” service, should be charged.
Furthermore, the paper supports the streamlining of sanctions screening and supports the European Commission’s approach to leave the design of the confirmation of payee (CoP) to the market.
Finally, it is suggested to reduce the scope of the requirement to offer instant credit transfers to reasonable online customer channels.
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