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By Jean-Pierre LEGRAND, Senior Manager, and Herwig TEMMERMAN, Partner, at BearingPoint
The European Council recently adopted a regulation that ensures instant payments are fully available in euros to consumers and businesses across the EU and EEA countries. Following the publication of the Instant Payment regulation last 20th of March, banks will once again face a regulatory dilemma and will have to find solutions to a dichotomous problem: to process payments in an excessively short time while respecting the risk and compliance framework related to payment activities.
In the regulation an instant credit transfer is a payment where the payee’s payment account is credited within 10 seconds. The Regulation changes the SEPA Regulation, obliging...
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