Payment Regulation Tracker

Nacha requests information on the use of secure, electronic communication channels for ACH exception processing between participants. Responses are due 20 November 2026.

Comments are due by 30 November 2026 on the Federal Reserve Board's two GENIUS Act proposals, published in the Federal Register on 29 September 2026. The first would require Board-supervised payment stablecoin issuers to back their stablecoins fully with permissible reserve assets, such as short-term Treasury bills, and set standardised capital requirements and risk-management standards, with separate rules for Board-supervised firms that safekeep the assets backing payment stablecoins. The second would set an application process for Board-supervised banks applying to issue payment stablecoins. The Board requested comment on 24 September 2026.

The European Payments Council's public consultation on version 0.1 of the Fraud Information Distribution Arrangement (FRIDA) scheme rulebook runs from 11 September to 10 December 2026. The EPC aims to publish version 1.0 of the rulebook and its technical specifications by June 2027; version 1.0 is to enter into effect on the same date as the Payment Services Regulation, which the EPC expects in Q4 2028. Submissions to the EPC's request for proposal for the FRIDA Central Platform service provider are due by 23 October 2026.

Banco de México's Circular 9/2026, addressed to SPEI participants, and Circular 10/2026, addressed to credit institutions and other lenders, amend its rules on standardising the user experience of electronic funds transfers made through mobile devices (Circulars 14/2017 and 3/2012); the SPEI amendments include the obligations for CoDi transfer orders. Both were published in the Diario Oficial de la Federación on 17 June 2026. SPEI participants, with the indirect participants they have a contractual relationship with, and the institutions have until 14 December 2026 to comply with the circulars and the related guides.

Under Banco Central de Reserva del Perú Circular No. 0017-2026-BCRP, the regulation of the alias-based instant payment service published on 15 July 2026, directory providers and directory managers need the central bank's authorisation. Entities already operating in either role before the circular took effect must apply by 31 December 2026 and may continue operating while their application is evaluated.

The European Payments Initiative set 30 September 2026 as the end of the Payconiq payment platform in Luxembourg, where it is being replaced by Wero. Existing Payconiq QR codes on invoices and in stores can be scanned and paid with the Wero app until 31 December 2026.

Federal stablecoin regulatory framework signed into law July 18, 2025. OCC, Fed, FDIC, Treasury must issue implementing regulations by July 18, 2026. Act takes effect on earlier of 18 months from enactment (Jan 18, 2027) or 120 days after final regulations issued. OCC proposed rules published Feb 25, 2026; comment period ends May 1, 2026. State issuers with >$10B outstanding must transition to federal supervision within 360 days.

The GENIUS Act takes effect on the earlier of 18 months after enactment (18 July 2025) or 120 days after the primary federal payment stablecoin regulators issue any final regulations implementing it. The date is now fixed rather than expected: the OCC's final rule implementing the Act for entities subject to its jurisdiction, published in the Federal Register on 23 October 2026 (91 FR 67000, pages 67000 to 67194, document 2026-21706, docket OCC-2025-0372, RIN 1557-AF41), carries an effective date of 18 January 2027, and its preamble records that it is the first final rule issued by a primary Federal payment stablecoin regulator implementing the Act and that because 120 days following it would fall later than 18 January 2027, that date will be the effective date of both the Act and the rule. From 18 January 2027 issuance of a payment stablecoin without licensing is prohibited. Two Federal Reserve Board proposals of 24 September 2026, published in the Federal Register on 29 September 2026 with comments due by 30 November 2026, remain unfinalised: the first would require Board-supervised payment stablecoin issuers to back their stablecoins fully with permissible reserve assets, such as short-term Treasury bills, and set standardised capital requirements and risk-management standards, with separate rules for Board-supervised firms that safekeep the assets backing payment stablecoins; the second would set an application process for Board-supervised banks applying to issue payment stablecoins.

Resolução BCB nº 587 of 18 September 2026 amends the Pix Regulation with provisions that take effect on 1 February 2027. They create hybrid billing: a due-dated Pix Cobrança charge can also be made payable through the boleto payment arrangement, at the option of the payee's provider, which must be the institution that issues the boleto. The payee's provider must reject a Pix when the hybrid charge has already been paid by boleto or the dynamic boleto has been linked to a financial asset; when a hybrid charge's Pix Cobrança is settled after the obligation was already paid by boleto, it must return the full amount to the payer from its own funds within 24 hours of settlement. Participants must also publicise the Special Return Mechanism (MED), with a focus on vulnerable users, in their advertising and customer-service channels, and a participant that marks a founded suspicion of fraud must inform the user of the marking.

The parts of the Reserve Bank of Australia's card payment reforms scheduled for 1 April 2027 take effect on that date. Interchange fees on foreign-issued card transactions acquired in Australia will be capped at 1.0 per cent of transaction value, and acquirers will have to include more information on merchants' statements, including a breakdown by domestic-issued versus foreign-issued cards and by card-present versus card-not-present transactions, from the first full statement period that starts on or after 1 April 2027.

Swift set 12 June 2027 as the implementation date for its deferred Standards Release 2026 (update of 21 September 2026). The release covers all MT messages except Category 1, ISO 20022 securities and funds messages, tracker messages and exceptions and investigations messages. Swift deferred all payments changes: it is consulting on the timing of the structured address requirement and will give an update by December at the latest, and the other payments changes planned for November will be phased separately.

Resolução BCB nº 587 of 18 September 2026 amends the Pix Regulation to allow Pix Automático transactions to be initiated from salary accounts (contas-salário). The provisions take effect on 1 July 2027.

The RTP Operating Rules edition effective 4 October 2026 adds a framework for One-Leg-Out (OLO) payments, the U.S. leg of payments to or from a payer or payee outside the United States. From 4 October 2026 to 30 March 2028 only participants that opt into the early-adopter period must comply with the OLO Framework; from 31 March 2028 all participants must receive inbound OLO payments and comply with it.