The European Council and the European parliament have reached a provisional agreement on a proposal intended to improve the availability of instant payment options in euro to consumers and businesses in the EU and in EEA countries.

Instant payments allow people to transfer money within ten seconds at any time of the day, including outside business hours, not only within the same country but also to other EU member states. it added.

Under the draft regulation, which is designed to boost the uptake of euro instant credit transfers in the Union, instant euro payments would be made affordable and universally available.

The proposed rules also require stakeholders to build more trust around instant payments whilst removing friction.

The European Council said that the rules would improve the strategic autonomy of the European economic and financial sector by helping to reduce reliance on third-country financial institutions and infrastructures. It added that the move would also help to “mobilise cash-flows”, bring new benefits to both citizens and companies, and allow for added-value services.

The parties said they have agreed that the new rules will come into force after a transition period. They said that this period would be faster in the euro area and longer in the non-euro area, which needs more time to adjust.

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