EBA CLEARING has announced the delivery of specifications for its pan-European request to pay (R2P) infrastructure solution.
The specifications have been created with the support of 27 financial institutions from 11 countries, which are funding the development of the solution. These specifications will be made available to the wider community of future users of the solution and to the technical service providers and solution providers supporting them.
The development of the solution is on track for a go-live in November 2020 and will fully align with the request to pay scheme that is currently being delivered by the European Payments Council (EPC).
Request to pay is considered a key element in an evolving payments landscape. A pan-European request to pay solution will be an enabler for PSPs and their customers to realise the full potential of instant payments. Request to pay services built on top of such a messaging infrastructure can increase certainty, transparency and convenience of payment processes, for instance by speeding up the end-to-end process, reducing risk and easing reconciliation.
Scheme-related work on the request to pay functionality is ongoing at the level of the European Payments Council (EPC) further to the delivery in November, in response to an invitation of the Euro Retail Payments Board, of an analysis of the request to pay functionality and a proposed way forward for the creation of a request to pay scheme. EBA CLEARING contributes to these efforts as part of the Request-To-Pay Multi-Stakeholder Group of the EPC and will align its solution with the EPC work.
A pan-European request to pay approach is seen as the missing piece of the puzzle for market players to create new payment products and services for their customers that leverage real-time messaging, the SEPA schemes and existing cost-efficient payment infrastructures, and that can be used across Europe.
EBA CLEARING is a provider of pan-European payment infrastructure solutions. Founded in 1998, the Company is owned by 50 of the major banks operating in Europe and is based on a country-neutral governance model. The payment systems of EBA CLEARING are pan-European by design and desire: they are developed in close co-operation with the Company’s multinational user community and technology partners.
EBA CLEARING manages and operates the payment services EURO1, STEP1, STEP2 and RT1. Both EURO1 and STEP2 have been classified as systemically important payment systems (SIPS) by the European Central Bank. The pan-European real-time payment platform RT1 went live in 2017 and processes euro instant payments complying with the European Payments Council’s SEPA Instant Credit Transfer Scheme.
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