{"id":4585,"date":"2024-03-22T12:00:00","date_gmt":"2024-03-22T11:00:00","guid":{"rendered":"https:\/\/gravning.de\/2024\/03\/22\/instant-payments-regulation-many-answers-many-questions\/"},"modified":"2024-04-02T11:47:05","modified_gmt":"2024-04-02T09:47:05","slug":"instant-payments-regulation-many-answers-many-questions","status":"publish","type":"post","link":"https:\/\/gravning.de\/en\/2024\/03\/22\/instant-payments-regulation-many-answers-many-questions\/","title":{"rendered":"Instant Payments Regulation: Many answers, many questions…"},"content":{"rendered":"

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Following the EU Council’s approval of the Instant Payments<\/span> (IP)<\/span> <\/span>Regulation<\/span> in mid-February,<\/span> its publication in the Official Journal<\/span> of the EU was merely considered a “formality”.<\/span> For t<\/span>he banks affected by the legislation,<\/span> this date could have been a little further in the future,<\/span> but t<\/span>he hoped-for “postponement” f<\/span>ailed to materialise,<\/span> and the IP legislation<\/span> was<\/span> now published in the Official<\/span> Journal of the EU on 19 March 2024:<\/span><\/span>:<\/span><\/span><\/span><\/span> <\/span><\/span>Regulation – EU – 2024\/886 – EN – EUR-Lex (europa.eu)<\/span><\/span><\/span><\/span><\/a><\/span> <\/span> <\/span><\/p>\n

This is an important milestone<\/span> for the implementation timetable, not least because the implementation period for the introduction of instant payments officially<\/span> begins 20 days after publication of the law in the EU Official Journal.<\/span><\/span><\/span><\/span><\/p>\n

<\/span><\/p>\n

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The period begins to run<\/h2>\n

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Briefly in figures:<\/span> The receipt of Instant Payments<\/span> must<\/span> therefore be ensured<\/span> from 8 January 2025,<\/span> while the sending<\/span> of Instant Payments<\/span> <\/span>and<\/span> <\/span>the<\/span> much-discussed<\/span> Verification<\/span> <\/span>o<\/span>f<\/span> <\/span>Payee<\/span> (VoP <\/span>for<\/span>short<\/span>)<\/span> )<\/span>must<\/span> be <\/span>ensured <\/span>08.10.2025<\/span> by <\/span>8 October 2025.<\/span>. <\/span>This<\/span>means<\/span> that there <\/span>is<\/span> now a clear timeline for all financial institutions’ IP projects.<\/span><\/span><\/p>\n

This development was reason enough for us at Gravning to look at IP regulation again on 28 February 2024 as part of our successful Expedition format. In addition to representatives from the banking sector (Aareal Bank, Deutsche Apotheker- und \u00c4rztebank, Berenberg, Santander), we were also able to attract representatives from the provider environment (Geva, PPI, van den Berg) for our Expedition and discuss the challenges of regulation in two exciting panels. <\/span> <\/span><\/p>\n

The topicality of the subject was also emphasised by more than 70 interested guests from the financial sector.<\/span><\/p>\n

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The quintessence of the discussions<\/span> was clear:<\/span><\/span> <\/span><\/span><\/span> <\/span><\/h2>\n

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Yes, we are all pleased that the Instant Payments Act has now been finalised and that numerous questions have already been clarified based on the legal text and details have been included in the final version during the legislative process.<\/span> <\/span><\/p>\n

Nevertheless, many questions remain unanswered. Some of the content has not (yet) been sufficiently analysed, while others have not been formulated precisely enough and offer room for speculation, which leads to further questions. <\/span><\/p>\n

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To begin with, here is just a selection of the issues that concern numerous<\/span> companies:<\/span><\/span> <\/span><\/span><\/span> <\/span><\/span><\/h2>\n

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