Banks have to Act: The EU is Redefining How Instant Payments are Handled
Blog: Actico - Blog
Instant payments refer to transactions made from one account to another, available 24/7 and completed within 10 seconds. From 2024 onwards, the European Commission aims to make such transactions mandatory for all payment service providers in the EU. Since sanctions list screening comprises just one part of the payment process, only a limited timeframe – between 500 milliseconds and one second – is available. What role must an IT system fill in instant payment sanctions screening?