A2A payments overview | impact of real-time payments regulation

Payments industry experts share their expectations on how regulations are set to impact real-time payments. 

Today, we continue the series celebrating the anniversary of our ‘Account-to-Account Payments Report’, where we asked expert contributors to share their thoughts on four main questions: 

1. Where is A2A payments adoption currently accelerating, and where is it still struggling? Why?
2. How does the rise of agentic AI and automated purchasing change the opportunities and risks around A2A?
3. Which regulatory changes are expected to further influence the real-time payments sector? 
4. What is the biggest challenge preventing A2A from displacing card payments at scale, and how can it be solved? 

Discover what they have to say about regulations impacting real-time payments (RTPs) below, and keep an eye out for The Paypers’ Key Themes page on A2A Payments this week to see what they share about the other topics. 

Which regulatory changes are expected to further influence the real-time payments sector? 

Roy Prayikulam, SVP Risk and Fraud Division, INFORM:  We expect continued regulatory pressure to strengthen A2A as a strategic alternative to card networks, particularly in Europe. This includes pushing instant payments as the default and promoting pan-European schemes like Wero. At the same time, liability shifts, like holding banks accountable for fraud losses, will force stronger prevention mechanisms, which creates tension. Banks must balance stricter controls with customer experience, as more declined transactions frustrate users. Ultimately, regulation will accelerate adoption while raising the bar for real-time risk management and operational transparency.

Mark Beresford, Director, Edgar, Dunn & Company: The biggest regulatory changes that are shaping RTPs are fraud and scam reimbursement rules, Confirmation of Payee/payee verification requirements, stronger safeguarding and the protection of consumers’ money, and broader instant payments mandates such as the EU’s Instant Payments Regulation (IPR). In the UK, for example, the mandatory reimbursement scheme for authorised push payment (APP) fraud came into force in 2024 and applies to Faster Payments and CHAPS, materially changing expectations related to fraud liability. In Europe, APP fraud regulation is moving toward stronger prevention, mandatory payee verification, and clearer PSP liability for scam payments, especially under the EU’s PSD3/PSR reforms and the IPR. 

Duygu Inanc Koyunpınar, Head of Product, DIMOCO: Regulation is moving the market from ‘access’ toward ‘orchestration’. PSD3, PSR, and FIDA are best seen as a single policy direction: the EU is trying to reduce fragmentation and move from a permissive framework to a more interoperable one. While PSD3/PSR is positioned as a modernisation of PSD2 to make electronic payments safer and more accessible, FIDA, on the other hand, is designed to extend controlled data sharing beyond payment accounts to broader financial services.

Tareq Shaheen, Product Development Director, Payment Solutions, Eastnets: In Europe, the biggest near-term driver is the EU Instant Payments Regulation, which is forcing broader reachability of EUR instant payments, price matching with standard credit transfers, and stronger fraud controls, including Verification of Payee (VoP). PSD3 and the new PSR should further shape Open Banking, fraud prevention, and consumer protection. In the UK, the National Payments Vision and the framework rollout for commercial VRPs should expand real-time A2A payment use cases. Together, these changes are pushing the market toward wider adoption, better interoperability, and stronger trust controls. 

Martín Azcue López, Business Development Director, Bizum: Regulatory changes in Europe, expected through the review of PSD2 and the arrival of PSR/PSD3, should further level the playing field among all payment instruments and remove asymmetries that have previously slowed the adoption of European instant payment-based alternatives. Considering A2A as a viable payment method for merchant use cases is detrimental to its successful adoption in online and physical payment channels. With digital euro regulation emerging, we hope legislation and European institutions will establish necessary safeguards for sustainable coexistence between current European solutions like Bizum, and other public-sector developments. 

Tarik Zerkti, CEO, MyBank: In Europe, the IPR is a clear catalyst: PSPs must be able to send and receive EUR instant payments within seconds, at prices comparable to standard credit transfers, and available 24/7. PSPs’ ability to set limits based on their needs is key to seeing real-time use cases beyond P2P. In parallel, PSD3 and the PSR will further reshape the environment, tightening fraud prevention requirements and liability. We strongly believe in cooperation when it comes to fraud, and scheme-based solutions are key to providing trusted ecosystems with end-to-end risk measures, pattern analysis, and safe customer journey guidelines.

Gabriel Lucas, Director, Redbridge Debt and Treasury Advisory: In Europe, the IPR and the continued rollout of SEPA Instant should help accelerate adoption, making instant transfers broadly available and pricing more predictable. Moreover, the transition from Open Banking to Open Finance may expand the role of A2A beyond payments, connecting it with other channels such as physical retail and with services including lending, savings, and financial management. Together, these developments could gradually support more integrated and scalable A2A ecosystems across Europe.

Magnus Bergaplass, Head of Mobile Payments, Merchant Acquiring/PF&I, Worldline:  Expect regulations to enhance Open Banking access, payer authentication, and real-time settlement transparency, while clarifying bank remuneration. Harmonisation across Europe with standardised APIs, data sharing rules, and AML/KYC for real-time flows will shape costs and interoperability. Open Banking growth will drive more seamless A2A onboarding, as the ECB reference rates and disclosures influence pricing and consumer protection. We also welcome more centralised notification interfaces from the ECB. Lastly, the EUDI Wallet Regulation will impact the UX, prompting for SCA improvements in areas where individual ASPSPs are lacking.

Renuka Rawlins, Public Affairs & Policy Consultant, Yaspa: Regulatory direction is becoming clearer, as RTPs face increasing political and supervisory scrutiny. The UK's FCA is approaching oversight more actively, particularly on APP fraud, consumer protection, and operational resilience, driven by wider political pressure to ensure safer payment ecosystems. At the same time, financial inclusion is more prominent in policy agendas, positioning payments as critical national infrastructure. Moreover, both government and regulators are prioritising responsible AI adoption. All these positions RTPs as a strategic policy lever that must balance innovation with accountability, resilience, and public trust.

Keith Olson, VP of ACH & Open Banking, Nuvei: Regulatory progress remains uneven. In the US, for example, frameworks such as the Dodd-Frank Act, Section 1033 support data access and Open Banking, but momentum has slowed as enforcement shifts and priorities change. At the same time, RTP capabilities continue to expand through initiatives like FedNow and The Clearing House. 

Industry groups also play a more active role in shaping standards and driving adoption. In many markets, the next growth phase will be less impacted by new regulation and more by how effectively the ecosystem aligns incentives across banks, merchants, and payment providers.

 

Don’t miss out on what’s coming tomorrow: what is the biggest challenge preventing A2A from displacing card payments at scale, and how can it be solved?

Be a part of this conversation

As you read this, we are hard at work on the third edition of the A2A Payments Report, set to launch this summer. If you’re a solution or technology provider willing to share your expertise with other professionals in this space, we’d love to hear from you! Reach out to sales@thepaypers.com