On 7 November 2023, the Council of the European Union and the European Parliament reached an agreement on the proposal for instant payments. The agreement is to improve the availability of instant payment options in euro to consumers and businesses in the EU and in EEA countries.

As reported by the Council of the EU, the proposed rules are to improve the strategic autonomy of the European economic and financial sector. They will help reduce the excessive reliance in instant payments on financial institutions and financial infrastructure from third countries. The improved possibility for mobilising cash flows will bring benefits to citizens and businesses and will allow for innovative added-value services.

According to the new rules, instant payment providers will have to verify the payee’s IBAN and name in order to warn the payer about potential mistakes or fraud prior to the transaction. 

More details can be found here:

https://www.consilium.europa.eu/en/press/press-releases/2023/11/07/instant-payments-council-and-parliament-reach-provisional-agreement/