A payment system the main purpose of which is to process, clear or settle credit transfers or direct debits which are primarily of small amount, and that is not a large-value payment system
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Last updated: 22 August 2026.
Glossary termPublished inIPR
Retail payment system
What does "Retail payment system" mean under the Instant Payments Regulation?
Regulations
Instant Payments Regulation (IPR)
The Instant Payments Regulation is Regulation (EU) 2024/886, which amends the SEPA Regulation. Euro-area banks have had to send instant euro credit transfers and offer Verification of Payee since 9 October 2025. Payment institutions and e-money institutions have until 9 April 2027. Daily sanctions screening replaced in-flight screening on 9 January 2025.
NextVOP Scheme Rulebook v1.1 effective; API Security Framework v2.1 mandatoryChecked