EU Commission legislation for full EU-wide coverage of instant payments – reaction

Following the European Commission’s outlining its proposal for regulation on instant payments amongst banks operating in the EU, Joe Morley, Vice President & General Manager for Europe, TrueLayer said: “In our tech-enabled society where speed and efficiency are the norm, we are very encouraged by the European Commission’s initiative to make instant payments mandatory across the eurozone. Today’s announcement is excellent news for merchants and consumers alike.

“The Commission’s proposal will address the coverage and high-cost problems that European instant payments currently face and will allow open banking to truly take off – something that has been a long time coming and which will ensure that Europe doesn’t fall behind the curve. Instant payments and open banking together create an alternative payment method which can compete with established methods like cards.

“Free instant payments must become the new normal for all Europeans. We look forward to a truly ‘Single Euro Payments Area’ that fundamentally addresses the fragmented market for cross-border real-time payments.”