The Ten Second Rule: EU Mandates Instant Payments Availability

The Real-Time Payments World Map

Real-time payments in the EU are on the verge of achieving their instantaneous promise, with a new rule from the European Council requiring instant fund transfers to be available within 10 seconds. In this edition of the “Real-Time Payments World Map,” a collaboration with The Clearing House, PYMNTS explores this development along with other advancements unfolding across the global real-time payments landscape.

Inside the March World Map

The European Council adopted a new rule to enable instant payments across the European Union and European Economic Area, requiring all instant credit transfers to arrive in recipients’ accounts within 10 seconds.
Abu Dhabi Islamic Bank recently announced the launch of a new real-time payments hub to facilitate and streamline cross-border transactions.
The National Payments Corporation of India has unveiled an initiative to establish a real-time payment link between India and the United States to enable small transactions between the two countries.