The European Union Council has rolled out new regulation that will make instant payments fully available in euro across EU and EEA countries.

The Council said that the new rules would improve the strategic autonomy of the European economic because they reduce “excessive reliance” on third-country financial institutions like Visa and Mastercard.

The regulation will allow people to transfer money within ten seconds at any time of the day, including outside business hours, within the same country or to another EU member state.

Payment service providers such as banks, which provide standard credit transfers in euro, will be required to offer the service of sending and receiving instant payments in euro.

The Council said that any charges that apply – if any – must not be higher than the charges that apply for standard credit transfers.

The regulation grants access for payment and e-money institutions (PIEMIs) to payment systems, by changing the settlement finality Directive (SFD).

These companies will be covered by the obligation to offer the service of sending and receiving instant credit transfers, after a transitional period.

The Council said that the regulation includes safeguards to ensure that the access of PIEMIs to payment systems doesn’t carry additional risk to the system.

The new rules will come into force after a transition period that will be faster in the euro area and longer in the non-euro area.

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