At the EBAday in Milan last week, EBA CLEARING gave a sneak preview of the system design, functionality and interface specifications for its future pan-European instant payment platform to a wide audience of payment practitioners and stakeholders. They shared information on the liquidity-handling, messaging model, time-out management, exception-handling processes and connectivity models of its new system
The project had been formally started in April, 2016 when some 40 financial institutions operating across SEPA committed to supporting and funding the development and implementation of the pan-European instant payment platform.
EBA CLEARING have announced that, “The future infrastructure service is scheduled to be live in November 2017.
New era in Europe business opens up
The existence of a a real-time payment processing facility, which will be available around the clock on any day of the year will, EBA CLEARING believe, enable payment service providers from all over Europe to, “Use this highly flexible solution for any payment product that complies with the instant payment scheme being developed by the European Payments Council.”
The usage of the new system will depend on how the banks and PSPs charge for the service. Fortunately, it is unlikely that it be plagued with the ‘immature’ attitude and pricing policies being suggested by some of the banks in the USA for their same-day ACH service. Corporates can assume that sensible pricing as in the UKS Faster Payments will be adopted (eventually) and that the new pan-European instant payment system will open up all sorts of the opportunities for business in Europe, such as:
- instant remittances, e.g. payment of emergency payments to stranded travellers in Europe
- instant collection of overdue payments
- new services based on the availability of an pan-European instant payment service.
CTMfile take: The very possibility of a pan-European instant payment system is opening doors to all sorts of ways of doing business - we’ve been shown a couple already. From November 2017, how are you going to open up innovative new businesses and markets in Europe using this service?
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- This item appears in the following sections:
- Payments - Receipts
- Accounts Receivable Management
- International Bill Payments
- Payments - Receipts at POS
- Collecting Payments on the Internet
- Payments - Disbursements
- International Payments
- Urgent/Instant .Payments
- Cash & Liquidity Mngm in Europe
- Order-to-Cash Cycle in WCM
- Procure-to-Pay Cycle in WCM