(6)Prior to the emergence of instant credit transfers, payment transactions were generally bundled by PSPs and submitted to a retail payment system for processing, clearing and settlement purposes at pre-specified times. However, in retail payment systems currently used to process instant credit transfers in euro, payment transactions are submitted individually and processed round the clock and in real time. To reflect that, it is necessary to amend the definition of the term ‘retail payment system’ in Regulation (EU) No 260/2012.