SEPA Inst – lessons learned and next steps

Organized on Thu, 13 Feb 2025 15:00:00 GMT

Cosmina Hrisca

30 Jan 2025 / 5 Min Read

Small and medium-sized banks are navigating the complexities of the SEPA Instant Payments framework, especially concerning the immediate and precise requirements for sending and receiving real-time payments. With various deadlines approaching, these banks are concerned about how to implement efficient processes for meeting the verification of payee criteria, including IBAN checks and sanction screening. As regulations evolve and new compliance expectations arise, banks need guidance on integrating these practices while safeguarding customer trust and ensuring regulatory adherence.

For the larger banks who may have been ‘live’ with SEPA Inst for years, potentially since its formal launch in 2016, it won’t be about the basics to send and receive. Rather, it will be about making sure their existing systems meet the new mandate requirements. For instance, even if they already have a domestic Verification (or Confirmation) of Payee solution, it may not be in the standardised format outlined in the VoP rulebook. This means that they need to ensure they fully understand the EDS requirement and leave plenty of time ahead of the June testing window.

Agenda

What are the key lessons that have been learned post 9th January and what are the next steps for VoP and Phase 2 ‘Send’?
How can banks and PSPs in Europe maintain their competitive advantage when Instant Payments are offered by all?
What key strategies can be adopted to enhance customer experience while ensuring compliance?
How can PSPs balance operational capacity and compliance requirements all whilst ensuring workforce readiness for real-time payment systems
What will be the impact on standard SEPA and other payment schemes – extinction?
What does the future hold for instant payments within Europe and what are the potential new technologies and regulations that could affect real-time payment systems?

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