The Instant Payment Regulation (IPR) is an EU regulation adopted in 2024 that requires payment service providers (PSPs) to offer the ability to send and receive instant euro payments. The IPR mandates that:
- Instant payments must be as affordable as regular credit transfers in euro
- Instant payments must be completed within a maximum of 10 seconds and be available 24/7/365
- The IBAN and name of payee must be verified prior to execution (Verification of Payee)
What is the goal with the IPR?
The IPR aims to modernize European payment infrastructure by enabling real-time transactions, improving business cash flow, reducing costs, facilitating cross-border EU trade and combating fraud through Verification of Payee (VoP).
How will the IPR be implemented in EU member states?
As a regulation, the IPR will be directly applicable in EU Member States without the need for national transposition.
Timeline and status of the IPR:
As of March 2026 The IPR is in force and being implemented in phases, with different timelines (ranging from January 2025 to June 2028) depending e.g. on PSP’s location in euro or non-euro area.