for making instant payments. the license of borica ad as the operator of the bisera6 payment system was updated, thus allowing the system to process instant payments of up to bgn 100 000. the operator borica ad developed the necessary infrastructure that made possible the launch of testing and implementation of the new functionality with market participants. instant payments are based on the sepa instant credit transfer scheme. it will be possible for instant payments to be made 24 hours a day within 10 seconds from debiting the payer ’ s account to crediting the payee ’ s account and receipt of confirmation by the payer. instant payments will be settled applying the widely used in europe pre - funding model. it requires a special account with the central bank, intended only for settlement of instant payments. all banks are expected to be able to receive instant payments by april 2023. meanwhile, as a next stage of the same project, the preparation for processing of customer batch credit transfers in the national currency is underway. these payments are based on the requirements of the sepa credit transfer scheme. customer transfers will be send by the originator bank in batches for processing by bisera6 and the pre - funding model will be used for their settlement. this will speed up customer payments that will be credited to the payee account 1 / 2 bis central bankers'speeches within less than an hour. banks in bulgaria are expected to migrate from credit transfers with predefined moment of settlement ( three times a day ), to processing of batch payments by the end of 2021. preparation of the payment service providers and payment infrastructure for processing instant payments and customer batch payments in the national currency based on sepa credit transfer schemes would allow, upon the adoption of the euro as a legal tender in the country, for smooth transition of the services without major modifications of the payment systems and banks ’ internal systems. further modernisation and enhanced security of the payment process remains a constant priority across the eu and on national level. one of the main targets continues to be provision of high level of security of remotely initiated electronic payment transactions by ensuring the completion of migration to strong customer authentication for card internet payments. efforts continue for exploiting the full potential of open banking and eliminating any obstacles in the interfaces of payment service providers. in the same vein is the opinion of the european banking authority on supervisory actions to ensure the removal of obstacles to accessing accounts under psd2, published in february 2021. in order to address the new developments in

financial technology the european commission has already launched a public consultation aiming at update and amendments of the settlement finality directive1. in addition, review of other basic legal acts related to payments as the payment services directive2 and the electronic money directive3 is expected to start by the end of 2021. i wish interesting and fruitful work to the participants in the video conference. directive 98 / 26 / ec of the european parliament and of the council of 19 may 1998 on settlement finality in payment and securities settlement systems 2 directive ( eu ) 2015 / 2366 of the european parliament and of the council of 25 november 2015 on payment services in the internal market, amending directives 2002 / 65 / ec, 2009 / 110 / ec and 2013 / 36 / eu and regulation ( eu ) no 1093 / 2010, and repealing directive 2007 / 64 / ec 3 directive 2009 / 110 / еc of the european parliament and of the council of 16 september 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending directives 2005 / 60 / ec and 2006 / 48 / ec and repealing directive 2000 / 46 / ec 2 / 2 bis central bankers'speeches