The news that the European Council has adopted a regulation on instant payments means that instant payments in euros 💶 will be fully available to consumers and businesses in the EU by 2027. Of course, many would say that instant payments are already old news, as the first initiatives to process them appeared in early 2012, and it is already a reality in, for example, the Baltic States since at least 2019. But we can guarantee that it will be a new wave 🌊 in Europe, as many FIs in the EU still haven't adopted it. The introduction of instant payments into the daily lives of customers will bring new technological challenges for accelerated processing of real-time transaction monitoring. In addition, it's important to stress the importance of careful consideration when deciding which rules to include in real-time transaction monitoring. This ensures that the smooth flow of transactions isn't disrupted - which is paramount for instant payments. At AMLYZE, we have been working with real-time transaction monitoring and adapting the system to instant payments since the very first day of our work, and now the majority of our customers use our solution as well as our knowledge of transaction monitoring rules. Integrating transaction monitoring tools seamlessly into the client's transaction flow allows for swift fund transfers while simultaneously freezing the funds of potential criminals. This presents a significant challenge for many, but we're here to offer substantial assistance 😉. #InstantPayments #RealTimeTransactionMonitoring #AML
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Today, ECRI - European Credit Research Institute published its ‘𝗠𝗮𝗸𝗶𝗻𝗴 𝗶𝗻𝘀𝘁𝗮𝗻𝘁 𝗮𝗻𝗱 𝗶𝗻𝗰𝗹𝘂𝘀𝗶𝘃𝗲 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗮 𝗿𝗲𝗮𝗹𝗶𝘁𝘆 𝗶𝗻 𝘁𝗵𝗲 𝗘𝗨’ explainer, highlighting the opportunities and benefits #instantpayments will bring to #European economies passed by the European Commission’s Instant Payments Regulation. ACI Worldwide was a big contributor to the historic piece of legislation. Making #realtimepaymnets a reality for millions of people around the world. #banking #paymentsmodernization https://aciw.co/3XIaqJb
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I am a payments expert, helping C-level executives create and implement strategies for transformational growth. Financial Services and Technology industry, experience with Corporates & FinTechs.
Today, ECRI - European Credit Research Institute published its ‘𝗠𝗮𝗸𝗶𝗻𝗴 𝗶𝗻𝘀𝘁𝗮𝗻𝘁 𝗮𝗻𝗱 𝗶𝗻𝗰𝗹𝘂𝘀𝗶𝘃𝗲 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗮 𝗿𝗲𝗮𝗹𝗶𝘁𝘆 𝗶𝗻 𝘁𝗵𝗲 𝗘𝗨’ explainer, highlighting the opportunities and benefits #instantpayments will bring to #European economies passed by the European Commission’s Instant Payments Regulation. ACI Worldwide was a big contributor to the historic piece of legislation. Making #realtimepaymnets a reality for millions of people around the world. #banking #paymentsmodernization https://aciw.co/3VNa29O
Making instant and inclusive payments a reality in the EU
https://www.ceps.eu
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Helping Merchants sell more, lose less and maximize profits through the use of growth payment strategies
More on #realtimepayments, as ECRI - European Credit Research Institute has published its ‘𝗠𝗮𝗸𝗶𝗻𝗴 𝗶𝗻𝘀𝘁𝗮𝗻𝘁 𝗮𝗻𝗱 𝗶𝗻𝗰𝗹𝘂𝘀𝗶𝘃𝗲 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗮 𝗿𝗲𝗮𝗹𝗶𝘁𝘆 𝗶𝗻 𝘁𝗵𝗲 𝗘𝗨’ explainer, highlighting the opportunities and benefits #instantpayments will bring to #European economies passed by the European Commission’s Instant Payments Regulation. ACI Worldwide was a big contributor to the historic piece of legislation. Making #realtimepaymnets a reality for millions of people around the world. #banking #paymentsmodernization https://aciw.co/3xXGOgq
Making instant and inclusive payments a reality in the EU
https://www.ceps.eu
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Today, ECRI - European Credit Research Institute published its ‘𝗠𝗮𝗸𝗶𝗻𝗴 𝗶𝗻𝘀𝘁𝗮𝗻𝘁 𝗮𝗻𝗱 𝗶𝗻𝗰𝗹𝘂𝘀𝗶𝘃𝗲 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗮 𝗿𝗲𝗮𝗹𝗶𝘁𝘆 𝗶𝗻 𝘁𝗵𝗲 𝗘𝗨’ explainer, highlighting the opportunities and benefits #instantpayments will bring to #European economies passed by the European Commission’s Instant Payments Regulation. ACI Worldwide was a big contributor to the historic piece of legislation. Making #realtimepaymnets a reality for millions of people around the world. #banking #paymentsmodernization https://aciw.co/3XOJTKd
Making instant and inclusive payments a reality in the EU
https://www.ceps.eu
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ACI Worldwide Business Devt, Payments Europe -Request to Pay - Real Time Payments - AFTE RtP Working Group
Today, ECRI - European Credit Research Institute published its ‘𝗠𝗮𝗸𝗶𝗻𝗴 𝗶𝗻𝘀𝘁𝗮𝗻𝘁 𝗮𝗻𝗱 𝗶𝗻𝗰𝗹𝘂𝘀𝗶𝘃𝗲 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗮 𝗿𝗲𝗮𝗹𝗶𝘁𝘆 𝗶𝗻 𝘁𝗵𝗲 𝗘𝗨’ explainer, highlighting the opportunities and benefits #instantpayments will bring to #European economies passed by the European Commission’s Instant Payments Regulation. ACI Worldwide was a big contributor to the historic piece of legislation. Making #realtimepaymnets a reality for millions of people around the world. #banking #paymentsmodernization https://aciw.co/45W6GFT
Making instant and inclusive payments a reality in the EU
https://www.ceps.eu
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Today, ECRI - European Credit Research Institute published its ‘𝗠𝗮𝗸𝗶𝗻𝗴 𝗶𝗻𝘀𝘁𝗮𝗻𝘁 𝗮𝗻𝗱 𝗶𝗻𝗰𝗹𝘂𝘀𝗶𝘃𝗲 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗮 𝗿𝗲𝗮𝗹𝗶𝘁𝘆 𝗶𝗻 𝘁𝗵𝗲 𝗘𝗨’ explainer, highlighting the opportunities and benefits #instantpayments will bring to #European economies passed by the European Commission’s Instant Payments Regulation. ACI Worldwide was a big contributor to the historic piece of legislation. Making #realtimepaymnets a reality for millions of people around the world. #banking #paymentsmodernization https://aciw.co/3Ll8xLe
Making instant and inclusive payments a reality in the EU
https://www.ceps.eu
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💸 𝗜𝗻𝘀𝘁𝗮𝗻𝘁 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝗶𝗻 𝗲𝘂𝗿𝗼 𝘀𝗼𝗼𝗻 𝘁𝗼 𝗯𝗲 𝗳𝗿𝗲𝗲 𝘁𝗵𝗿𝗼𝘂𝗴𝗵𝗼𝘂𝘁 𝗘𝘂𝗿𝗼𝗽𝗲! On 19 March 2024, Regulation (EU) 2024/886 regarding instant credit transfers in euro – aka “the Instant Payment Regulation” – was published in the Official Journal. This regulation enables anyone to make instant credit transfers in euros from one payment account to another within the European Union (“EU”). 📈 While instant payments have been technically feasible since the end of 2017, only 11 percent of all credit transfers in euro in the EU were instant by 2021. The Instant Payment Regulation aims to ensure widespread use of instant payments throughout the EU by making it mandatory for payment service providers and removing barriers such as high costs and lack of trust. 📝 Joan Carette and Esra Güler from our Digital Finance team break down the specifics of this regulation, examining its implications for the payment industry and its benefits for consumers and businesses alike. 🔍 Dive into their article for an in-depth analysis here: https://lnkd.in/e4WXv8sc #InstantPayments #DigitalFinance #EURegulations #FinTech #SimontBraun
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📢𝐔𝐩𝐝𝐚𝐭𝐞 𝐨𝐧 𝐭𝐡𝐞 𝐈𝐧𝐬𝐭𝐚𝐧𝐭 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬 R𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧: Regulation (EU) 2024/886, adopted by the European Parliament and Council on 13 March 2024, heralds a new era for instant credit transfers in euro. This groundbreaking regulation is aimed at bolstering the adoption and framework for instant credit transfers, ensuring more extensive accessibility, seamless integration, and enhanced efficiency in electronic payments across the EU, with a particular focus on cross-border transactions. 𝐊𝐞𝐲 𝐂𝐨𝐦𝐩𝐥𝐢𝐚𝐧𝐜𝐞 𝐃𝐚𝐭𝐞𝐬 𝐭𝐨 𝐍𝐨𝐭𝐞: 👉 For PSPs in the Euro Area: The mandate to offer the payment service for receiving instant credit transfers in euro is set for 𝟗 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟓, with the service for sending instant credit transfers following on 𝟗 𝐎𝐜𝐭𝐨𝐛𝐞𝐫 𝟐𝟎𝟐𝟓. 👉 For PSPs Outside the Euro Area: These providers must introduce the service for receiving instant credit transfers in euro by 𝟗 𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟕, and the service for sending such transfers by 𝟗 𝐉𝐮𝐥𝐲 𝟐𝟎𝟐𝟕. It’s important to note the provision that until 𝟗 𝐉𝐮𝐧𝐞 𝟐𝟎𝟐𝟖, these PSPs are not required to offer sending services for instant credit transfers in euro outside their standard business hours for accounts in their national currency. 𝐊𝐞𝐲 𝐏𝐨𝐢𝐧𝐭𝐬: 💡 PSPs must ensure that payment accounts reachable for credit transfers are also reachable for instant credit transfers, 24 hours a day, every day of the year. 💡 The regulation introduces specific requirements for instant credit transfers, such as immediate execution, 24/7 availability, and standards for the process from order placement to funds availability in the payee's account. 💡 Charges for instant credit transfers must not exceed those for other types of credit transfers of corresponding nature, ensuring affordability and attractiveness of instant credit transfers to users. 💡 PSPs are required to implement a verification service for payee details before processing credit transfers to reduce errors and fraud risks. Amendments are made to ensure payment institutions and electronic money institutions can participate in payment systems under equal conditions, aiming to broaden the ecosystem for instant credit transfers. This comprehensive approach is intended to foster a more integrated, efficient, and competitive market for instant payment services across the EU, directly impacting PSPs, including banks and financial institutions that offer payment accounts. Here is the full text: https://lnkd.in/gKivTgGR #FinanceEU #InstantPayments #DigitalBanking #CrossBorderPayments #EURegulations #PaymentInnovation
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Today, ECRI - European Credit Research Institute published its ‘𝗠𝗮𝗸𝗶𝗻𝗴 𝗶𝗻𝘀𝘁𝗮𝗻𝘁 𝗮𝗻𝗱 𝗶𝗻𝗰𝗹𝘂𝘀𝗶𝘃𝗲 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗮 𝗿𝗲𝗮𝗹𝗶𝘁𝘆 𝗶𝗻 𝘁𝗵𝗲 𝗘𝗨’ explainer, highlighting the opportunities and benefits #instantpayments will bring to #European economies passed by the European Commission’s Instant Payments Regulation. ACI Worldwide was a big contributor to the historic piece of legislation. Making #realtimepaymnets a reality for millions of people around the world. #banking #paymentsmodernization https://aciw.co/3L7GGxV
Making instant and inclusive payments a reality in the EU
https://www.ceps.eu
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ACI Worldwide Business Devt, Payments Europe -Request to Pay - Real Time Payments - AFTE RtP Working Group
Today, ECRI - European Credit Research Institute published its ‘𝗠𝗮𝗸𝗶𝗻𝗴 𝗶𝗻𝘀𝘁𝗮𝗻𝘁 𝗮𝗻𝗱 𝗶𝗻𝗰𝗹𝘂𝘀𝗶𝘃𝗲 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗮 𝗿𝗲𝗮𝗹𝗶𝘁𝘆 𝗶𝗻 𝘁𝗵𝗲 𝗘𝗨’ explainer, highlighting the opportunities and benefits #instantpayments will bring to #European economies passed by the European Commission’s Instant Payments Regulation. ACI Worldwide was a big contributor to the historic piece of legislation. Making #realtimepaymnets a reality for millions of people around the world. #banking #paymentsmodernization https://aciw.co/4eXEvKN
Making instant and inclusive payments a reality in the EU
https://www.ceps.eu
Click here to read more about the Council decision: https://www.consilium.europa.eu/en/press/press-releases/2024/02/26/council-adopts-regulation-on-instant-payments/