Euro Banking Association issues practitioners’ recommendations for euro instant payments requiring FX conversion

The Euro Banking Association (EBA) today released recommendations to help practitioners deal with Instant Payments Regulation requirements for euro instant payments involving a currency conversion.

Driven by representatives of 18 account-servicing payment service providers (AS-PSPs) from 11 European countries, the recommendation note spells out how foreign exchange (FX) experts and other payment practitioners understand the regulation obligations impacting these 24/7/365 real-time transactions. Based on this understanding, the note provides practical recommendations for the operational handling of these transactions.

The note is the first deliverable of the Euro Banking Association’s Practitioners Group on Instant Payments. The group was launched after the entry into force of the Instant Payments Regulation in Q2 2024. Its aim is to evaluate the practical impact of the regulation and to formulate recommendations on matters of an operational nature based on a pan-European perspective.