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European Instant Payments Regulation: Are Banks Ready?

At EBAday 2024, Kjeld Herreman, Head of Strategy Advisory, RedCompass Labs, discusses the fast approaching deadlines and how financial institutions can be best prepared for the SEPA instant payments regulation. The conversation explores how the deadlines are short, with just nine months to ensure banks are receiving instant payments and 18 months to send instant payments. Further, ensuring Verification of Payee operates across all channels is a colossal task and with banks no longer able to charge for instant payments, the industry can expect hundreds or even thousands of friction-free transactions per second, but a lot of work needs to be completed before that point can be reached.

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