CBC urges payment service providers to keep new instant payments regulation deadlines in mind

The Central Bank of Cyprus (CBC) has issued an announcement to remind all payment service providers that fall in scope of the Instant Payments Regulation to keep the relevant application deadlines in mind.

As it said,

• By 9 January 2025: banks to receive instant payments.
• By 9 October 2025: banks to send instant payments.
• By 9 April 2027: payment institutions and electronic money institutions to receive and send instant payments.

Payment initiation channels

By 9 October 2025, payment service providers must offer their customers instant payments via the same channels as the ones offered for traditional credit transfers, the CBC said.

By 9 January 2025, any charges for instant payments cannot exceed those levied for traditional credit transfers; though fees may be charged for additional services.

Screening of customers vis-à-vis the latest applicable EU sanctions lists

By 9 January 2025, all payment service providers must verify, at least once every calendar day, whether any of their customers are persons or entities subject to targeted financial restrictive measures.

And by 9 October 2025, payment service providers must offer their customers a service for ensuring verification of the payee to whom the payer intends to send, the CBC said.

What is the Instant Payments Regulation?

The Instant Payments Regulation (IPR), that is, Regulation (EU) 2024/886, which was adopted by the European Parliament and the Council on 13 March 2024, aims to accelerate the roll-out of instant payments in Europe and covers credit transfers denominated in euro within the EU. It amends the Single Euro Payments Area (SEPA) Regulation and adds specific provisions on instant credit transfers in euro to the Regulation on cross-border payments in the Union, the Settlement Finality Directive (SFD) and the Payment Services Directive (PSD2). (Source: ecb.europa.eu)