How the Instant Payments Regulation will change the EU payments landscape

Increased convenience and speed for users, who will be able to send and receive euro payments in seconds, anytime and anywhere, using their existing payment instruments and accounts. 

It is likely to reduce the fee for users sending instant payments as PSPs will no longer be able to charge a premium for such transactions over and above the rate of a standard SEPA credit transfer. 

Enhanced competition and innovation in the payments market, as the IPR will create a level playing field for all PSPs, including new entrants and fintechs, to offer instant payment services. 

Reduced costs and risks for PSPs, who will be able to access the payment systems run by the central banks more easily and cheaply, thanks to the amendment of the Settlement Finality Directive (SFD) that accompanies the IPR. The SFD amendment will allow electronic money institutions (EMIs) and payment institutions (PIs) to have direct access to these systems, without the need of intermediaries or correspondent banks. This can also help improve competition as direct access to payment infrastructure will enable non-banks to have greater control over the services they offer customers. 

Improved customer satisfaction and loyalty, as the IPR will enable PSPs to offer more value-added services and features to their customers, such as request-to-pay, confirmation of payee, and instant refunds.