The financial sector as we know it is undergoing a lot of changes. The EBA CLEARING instant payment service will make sure that is the case, Known as RT1, this concept has attracted a lot of attention in recent months. They are gaining a lot of support as well. Banks across nine countries have pledged support to give this infrastructure a try. Instant payments will be going to the pan-European region sooner or later.
It is good to see some more focus on instant payment solutions. Especially in the pan-European region, such solutions are in high demand right now. A group of RT1 users is already completing the necessary requirements to connect to this platform. There are quite a lot of institutions who pledged initial support to this concept It is good to see this desire for change as well. Most of the early participants have operations in European countries already.
RT1 Gains a lot of Initial Support
The goal is to make this RT1 solution available on a 24/7 basis. More specifically, settlement of payments will occur around the clock. Real-time payments are conducted in line with the SEPA Instant Credit Transfer Scheme. The goal is to ensure RT1 will go live on November 21st of 2017. There isn’t much time left to make sure that happens. For now, things are going ahead as scheduled, though.
EBA CLEARING CEO Hays Littlejohn comments as follows:
“RT1 is real and timely, ready to serve the needs of European payment service providers and their customers from day 1 of the EPC’s SCT Inst Scheme. It is a great pleasure to see this proposition taken up from the start by a substantial group of institutions with wide coverage across SEPA.”
With 39 founding institutions on board, this solution will bring some innovation to the pan-European market. This solution has been in development since April of 2016. It is accessible to any account-servicing payment provider, which means integration is pretty straightforward. There are many ways to interact with this system to allow for customized experiences. It will be interesting to see how this concept affects the SEPA zone as we speak. Real-time and instant payments are a welcome addition, that much is certain.
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