Following this announcement, the companies have enabled interoperability between their services and carried the first instant payment transaction. This process is expected to improve the manner in which customers make instant payments between individuals using only their mobile device, their preferred mobile solution, and a European infrastructure.
In addition, the companies will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
Codenamed EuroPA, the European Payments Alliance, this launch represents just the first step towards interoperability between +45 million customers and users, as well as more than 182 financial institutions. This is expected to be made widely available from 2025 mostly starting from Italy, Portugal, and Spain, with the overall aim to expand across the region of Europe in the future.
The project underlines the importance of interoperability as a viable solution that focuses on meeting the Eurosystem's objectives, as well as seeking to encourage the adoption of pan-European instant transfers using existing infrastructures that have proven to be effective and widely adopted. At the same time, this service is expected to enable cross-border payments to be made by multiple users of the three solutions.
BANCOMAT, Bizum, and MB WAY/SIBS aim to provide their customers and partners with a more efficient, safe, and universal payment experience, relying on the strength of their brands in their countries in order to connect existing solutions and infrastructure that are trusted by clients.
According to the official press release, there are ongoing discussions with other solutions that might join the initiative in the future as well.
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