PPI AG whitepaper analyses Request to Pay

Tuesday 29 June 2021 14:40 CET | News

Germany-based business management consultant PPI AG has announced releasing a whitepaper showing how much financial service providers have to invest in product developments related to the payment requests.

According to the whitepaper, the majority of European companies are ready to use Request to Pay (RTP), however, there are currently almost no German financial institutions offering these services despite calculable implementation costs. The whitepaper “How Request to Pay becomes a success story for financial service providers” shows that there is a willingness of over 80% of those surveyed to use RTP-based banking products. 

According to a PPI AG representative, the company can understand that banks are cautious when it comes to investing in the current global situation, however this caution is illogical in light of RTP’s large potential. The whitepaper states that RTP is based on XML, which every bank already has integrated into their systems for the conversion from Target2 and Swift to ISO 20022. Since RTP is an IT standard and is not linked to any special requirements, many different possible uses are conceivable. These include recurring payments, at the point of sale or for eBilling in the B2B area, in addition to uses in classic ecommerce.

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Keywords: study, report, Request to Pay, ISO 20022
Categories: Payments & Commerce | Mobile Payments
Countries: Germany
This article is part of category

Payments & Commerce