The EU express payment regulation, which will be introduced in stages during 2025, will significantly improve the transmission of payments. With the express payment regulation, a customer of any bank can send and receive quick transfers in euros in ten seconds, regardless of the time of day or whether the transfer takes place in the home country or to another EU country.

The goal of the EU instant payment regulation is to promote the introduction of euro-denominated instant payments in the European Union. The regulation significantly improves the transmission of payments.
The Express Payment Regulation obliges payment service providers, such as banks, to offer sending and receiving services for SEPA express transfers at the same price as standard account transfers, without additional costs for the customer.

All banks located in euro countries accept express transfers to the payee’s account no later than January 9, 2025. Some banks already offer a sending service for quick transfers, and all of them banks operating in the euro area no later than 9 October 2025. Banks operating in other EU and EEA countries will send express transfers from July 9, 2027 at the latest.

Before sending the payment, the recipient’s information provided by the payer is compared with the name and account information of the recipient. Checking the recipient of the payment aims to prevent the payment from being passed on to the wrong person or company. Currently, payments are transferred to the recipient’s account based on the account number alone. Payment service providers must also ensure that there are no persons or entities on EU blacklists among their customers.

Source: STT