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1. PSPs that offer to their PSUs a payment service of sending and receiving credit transfers shall offer to all of their PSUs a payment service of sending and receiving instant credit transfers. PSPs as referred to in the first subparagraph shall ensure that all payment accounts that are reachable for credit transfers are also reachable for instant credit transfers 24 hours a day and on any calendar day.

2. By way of derogation from paragraph 1, and subject to having obtained the prior permission of its competent authorities based on those authorities’ assessment of its access to liquidity in euro, a PSP located in a Member State whose currency is not the euro shall not be obliged to offer PSUs the payment service of sending instant credit transfers in euro beyond a limit per transaction, from payment accounts denominated in the national currency of that Member State, during the time when that PSP neither sends nor receives non-instant credit transfer transactions in euro with respect to such payment accounts. That limit shall be set by the competent authorities and shall not be lower than EUR 25 000 . Competent authorities may grant prior permission at the request of the PSP for a period of one year. At the request of the PSP, competent authorities may extend that prior permission by further periods of one year following a reassessment by the competent authorities of the PSP’s access to liquidity in euro. Competent authorities shall inform the Commission on an annual basis of prior permissions and extensions granted in accordance with this paragraph.

The ECB and any national central bank, when not acting in its capacity as monetary authority or other public authority, may limit its offer of a payment service of sending instant credit transfers to the period of time during which it offers a payment service of sending and receiving non-instant credit transfers.

3. Notwithstanding Article 78(1), second subparagraph, of Directive (EU) 2015/2366, the time of receipt of a payment order for an instant credit transfer shall be the moment it has been received by the payer’s PSP, regardless of the hour or calendar day. Notwithstanding Article 78(2) of Directive (EU) 2015/2366, if the payer and the payer’s PSP agree that execution of the payment order for an instant credit transfer is to take place at a specific time on a specific day or at the moment when the payer has put funds at the disposal of the PSP, the time of receipt of the payment order for an instant credit transfer shall be deemed to be the agreed time, regardless of the hour or calendar day. By way of derogation from the first and second subparagraphs of this paragraph, the time of receipt of the payment order for an instant credit transfer shall be:

(a) for a non-electronic payment order for an instant credit transfer, the moment when the payer’s PSP has introduced the payment order information into its internal system, which shall occur as soon as possible after the non-electronic payment order for an instant credit transfer has been placed by the payer with the payer’s PSP;

(b) for an individual payment order for an instant credit transfer belonging to a package as referred to in paragraph 7 of this Article, where the conversion of that package into individual payment transactions is carried out by the payer’s PSP, the moment when the ensuing payment transaction has been unpacked by the payer’s PSP; the payer’s PSP shall start the conversion of the package immediately after it has been placed by the payer with the payer’s PSP and complete that conversion as soon as possible;

(c) for a payment order for an instant credit transfer from payment accounts that are not denominated in euro, the moment when the amount of the payment transaction has been converted into euro; such currency conversion shall take place immediately after the payment order for an instant credit transfer has been placed by the payer with the payer’s PSP.

4. When carrying out instant credit transfers, PSPs shall, in addition to the requirements set out in Article 5, comply with the following requirements:

(a) PSPs shall ensure that payers are able to place a payment order for an instant credit transfer through all of the same payment initiation channels as the ones through which those payers are able to place a payment order for other credit transfers;

(b) notwithstanding Article 83 of Directive (EU) 2015/2366, immediately after the time of receipt of a payment order for an instant credit transfer, the payer’s PSP shall verify whether all of the necessary conditions for processing the payment transaction are met and whether the necessary funds are available, reserve or debit the amount of the payment transaction from the account of the payer, and immediately send the payment transaction to the payee’s PSP;

(c) notwithstanding Article 83 and Article 87(2) of Directive (EU) 2015/2366, the payee’s PSP shall, within 10 seconds of the time of receipt of the payment order for an instant credit transfer by the payer’s PSP, make the amount of the payment transaction available on the payee’s payment account in the currency in which the payee’s account is denominated and confirm the completion of the payment transaction to the payer’s PSP;

(d) notwithstanding Article 87(1) of Directive (EU) 2015/2366, the payee’s PSP shall ensure that the credit value date for the payee’s payment account is the same date as the date on which the payee’s payment account is credited by the payee’s PSP with the amount of the payment transaction; and (e) immediately upon receiving the confirmation of completion referred to in point (c), or where no such confirmation of completion is received by the payer’s PSP within 10 seconds of the time of receipt of the payment order for an instant credit transfer, the payer’s PSP shall, free of charge, inform the payer, as well as, where applicable, the payment initiation service provider, whether the amount of the payment transaction has been made available on the payee’s payment account.

5. Notwithstanding Article 89 of Directive (EU) 2015/2366, where the payer’s PSP has not received a message from the payee’s PSP confirming that the funds were made available on the payee’s payment account within 10 seconds of the time of receipt, the payer’s PSP shall immediately restore the payment account of the payer to the state in which it would have been had the transaction not taken place.

6. Upon the request of the PSU, a PSP shall offer a PSU the possibility of setting a limit fixing a maximum amount that can be sent by means of instant credit transfer. That limit may be either on a per day or per transaction basis, at the sole discretion of the PSU. PSPs shall ensure that PSUs are able to modify that maximum amount at any time prior to the placing of a payment order for an instant credit transfer. Where a PSU’s payment order for an instant credit transfer exceeds, or leads to exceeding of, the maximum amount, the payer’s PSP shall not execute the payment order for the instant credit transfer, shall notify the PSU thereof and shall inform the PSU as to how to modify the maximum amount.

7. When offering the payment service of sending and receiving instant credit transfers, PSPs shall offer their PSUs the possibility of submitting multiple payment orders as a package if PSPs offer such possibility to their PSUs for other credit transfers. PSPs shall not impose limits on the number of payment orders that can be submitted in a package of instant credit transfers which are lower than the limits they impose in respect of packages of other credit transfers.

8. PSPs as referred to in paragraph 1 that are located in a Member State whose currency is the euro shall offer PSUs the payment service of receiving instant credit transfers in euro as laid down in this Article by 9 January 2025, and the payment service of sending instant credit transfers in euro as laid down in this Article by 9 October 2025. PSPs as referred to in paragraph 1 that are located in a Member State whose currency is not the euro shall offer PSUs the payment service of receiving instant credit transfers in euro as laid down in this Article by 9 January 2027, and the payment service of sending instant credit transfers in euro as laid down in this Article by 9 July 2027.

By way of derogation from the second subparagraph of this paragraph, until 9 June 2028 PSPs as referred to in paragraph 1 of this Article that are located in a Member State whose currency is not the euro shall not be obliged to offer PSUs the payment service of sending instant credit transfers in euro from payment accounts denominated in the national currency of that Member State, during the time when those PSPs neither send nor receive non-instant credit transfer transactions in euro with respect to such accounts. Notwithstanding the first subparagraph of this paragraph, PSPs that are electronic money institutions as defined in Article 2, point (1), of Directive 2009/110/EC or payment institutions as defined in Article 4, point (4), of Directive (EU) 2015/2366 and that are located in a Member State whose currency is the euro shall offer PSUs the payment service of sending and receiving instant credit transfers in euro as laid down in this Article by 9 April 2027.

Notwithstanding the second subparagraph of this paragraph, PSPs that are electronic money institutions as defined in Article 2, point (1), of Directive 2009/110/EC or payment institutions as defined in Article 4, point (4), of Directive (EU) 2015/2366 and that are located in a Member State whose currency is not the euro shall offer PSUs the payment service of receiving instant credit transfers in euro as laid down in this Article by 9 April 2027 and the payment service of sending instant credit transfers in euro as laid down in this Article by 9 July 2027.