EU Plans To Speed Access To Instant Payments Across Bloc

Law360, London (April 1, 2021, 12:04 PM BST) -- The European Commission is reviewing how readily consumers can make cross-border instant payments across the bloc as it seeks to ensure they can send money within seconds at any time of the day in a move to modernize Europe's payments solutions.

The EU's executive branch has launched a consultation to help it to roll out instant payments to all consumers in the bloc. Such payments allow bank customers to send money to a recipient elsewhere in Europe within seconds, 24 hours a day, including on weekends and public holidays.

An efficient market for instant payments across Europe must have blocwide rules...

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