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European Commission consults on instant payments

The European Commission has issued a consultation paper seeking the views of consumers, corporate users and payment service providers (PSPs) on the use of instant payment transfers. The objective of the consultation is to identify the concerns that would need to be addressed to incentivise EU PSPs to offer innovative, convenient, safe and cost-efficient pan-European payment solutions based on instant credit transfers. At the same time, the Commission also hopes that it will help establish what features and safeguards would enable the users to reap the benefits of instant payments to the fullest.

The consultation remains open until 23 June 2021.

Duncan Scott