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Estonia · Law · SE

634

Act on Amendments to the Payment Institutions and E-Money Institutions Act and the Payment and Settlement Systems Act

avaldatud riigiteatajasEstonia· Riigikogu· ET

Introduced

21 April 2025

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AVALDATUD_RIIGITEATAJAS

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Source updated

18 June 2025

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Summary

The law is being amended to allow payment and e-money institutions to access settlement systems enabling instant payment services. Flash payment means a payment where money moves from the payer's account to the recipient's account within a few seconds and it works 24/7. Currently, only banks offer such a service, as only they have access to the necessary current accounts at Eesti Pank. Other payment institutions and e-money institutions have so far avoided this possibility, which is why they it has not been possible to provide equivalent services.

Machine translation from Estonian. The official text remains authoritative.

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