EPC, which manages the SEPA Proxy Lookup (SPL) scheme, will work with equensWorldline to provide the central SPL service that supports the interoperability between existing European mobile Person-to-Person (P2P) payment services.
The SPL service has been introduced in 2019 to improve the user experience for Person-to-Person money transfers across Europe. Customers can use their mobile device to transfer money from their payment account to another individual's account across Europe without manually exchanging payment information, such as IBAN.
This service supports the interoperability between the different existing domestic mobile payment schemes and provides the option to retrieve the necessary payment details like IBAN and beneficiary name, by using well-known aliases like a mobile phone number. Besides the pure P2P payments functionality, this SPL scheme and service could also be complementary to a request to pay (RTP) functionality or to other payment use cases or schemes.
Both extensions are said to improve the user experience and to extend the customer reach of the existing domestic or closed-loop P2P schemes. In addition to basic P2P payments, it can also be used for more advanced features like Person-to-Professional (P2Pro) payments and bill splitting functionalities that are provided by the mobile payment applications.
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