The European Union approved the Instant Payments Regulation (IPR) this past March. The goal is to accelerate the rollout of instant payments in Europe and cover credit transfers denominated in Euros within the EU. Payment Service Providers (PSPs) that enable transfers shall also offer the service of sending and receiving instant credit transfers.
Implementation deadlines on instant payments may be viewed here, with EMIs in the EU expected to accommodate IPR by April 9, 2027.
CI received a comment from Laurent Descout, co-founder and CEO of Neo, claiming that Spain has taken the lead in regard to IPR implementation. Neo, a payments and FX platform, has been authorized by the National Bank of Spain to provide payments since 2019.
Descout said, “Spain has taken an early lead in the European race to instant payments, becoming the first banking market fully connected to the European Payments Council’s One-Leg Out plan.”
“The broader European regulations mandating instant payments across all payment service providers are a game-changer. By enabling seamless transfers within 10 seconds, 24/7, we could unlock significant liquidity and economic growth while addressing longstanding inefficiencies in cross-border payments. For businesses, particularly SMEs, the implications are profound. Faster settlement times mean improved cash flow, reduced transaction costs, and enhanced operational efficiency. Spain’s leadership paves the way for the rest of Europe to follow, showcasing how interconnected, real-time payment systems can deliver tangible benefits for economies and businesses.”
He thinks that Spains early adoption will push the rest of Europe to follow as the country shows the economic benefits of immediate payments and transfers.
