Efficient Strategies for Maximizing Benefits of EU Commission's SCT Inst Mandate

organized on 23 March 2023 | 13:00 CET

The EU Commission’s proposed mandate will make instant payments universally available in euros within six months after said proposal is approved. We have no set date for enforcement, as the mandate has not been approved yet. Still, when it is, the timeline will dictate that PSPs need to be equipped to receive Instant Payments six months after the legislation is passed and be able to send Instant Payments a year after ratification. Therefore, it is expected that PSPs will need to be ‘live’ by 2025 at the latest.The problem is that currently one in three EU payment service providers don’t offer euro instant payments, and 70 million payment accounts in the euro area don’t allow their holders to send and receive euro instant payments.

This means that the strategic planning for these institutions should start now, not only because adding a new payment rail in itself involved at least a 9-month project, but also to ensure you achieve the following added requirements; that fees for these new instant payments stay in line with non-instant transfers and that you will have the functionality in place to match the international bank account number (IBAN) and the name of the beneficiary and verify clients against the EU sanctions list at least on a daily basis.

This webinar and our expert panel will look to solve the main barriers to adoption and also the next steps to build on the advantages that Instant Payments provides across your whole payments ecosystem.

  • What are the main barriers to adoption?
  • Which strategies will best address these pain points, including the option to transition to SaaS or choose a sponsor bank model?
  • Case studies: How have the banks on our panel prioritised their instant payments roadmaps, and what lessons have they learned?
  • What are the key benefits of adopting instant payments and what is the business case for doing this ASAP before the mandate deadline?
Keywords: instant payments, PSP, SaaS, banks
Categories: Banking & Fintech
Companies: Bottomline, WSBI-ESBG
Countries: World
This article is part of category




Discover all the Company news on Bottomline and other articles related to Bottomline in The Paypers News, Reports, and insights on the payments and fintech industry: