Since January 2025, the Payment Service Providers (PSPS) In the eurozone they are required to offer their customers the opportunity to receive direct payments in euro.

As of today, PSPs are also obliged to offer the EURO direct payment service and, in order to combat fraud in euro credit, the beneficiary’s verification service (VOP). “This makes immediate payments more widespread, safer and more economical for everyone in the eurozone,” the Commission said in a statement.

What is changing?

According to the European Commission, transfers to euros will no longer last days, reach the recipient’s account in seconds, at any time, even weekends or public holidays. Banks and other payment providers are not allowed to charge more for a direct payment than a normal credit transfer. Before a payment is made, providers must verify whether the recipient’s name corresponds to the IBAN given, helping to avoid errors or deceit. This service will be provided free of charge to the payer. The new rules also allow payment and electronic money institutions to participate directly in payment systems to provide their services, such as direct payments, in a more efficient way.