You can find the PDF versoin of the letter here.

While the proposal isoverwhelmingly positive and can offer a range of benefits to European merchantsand consumers, we regret to observe that the proposal exempts EMIs and PIs from the  requirement to offer instant payments due to the existing legal barriers preventing them from  directly accessing payment systems. This legal barrier put in place by the Settlement Finality Directive (SFD), Article2(a), excludes PIs and EMIs as potential participants in the designated payment systems, preventing these firms from offering instant payments directly. Infact, this barrier results in unequal access to payment systems, primarily allowing access to credit institutions, which, through commercial agreements,provide indirect access to those payment providers that cannot connect directly. Consequently, banks – often competing in the same markets as EMIs orPIs –  are free to make commercial decisions if and how they provide this service to EMIs and PIs and can specifically charge them on a per-transaction basis well over the wholesale cost whilst gaining insight into their business performance.

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