The start of the RFP phase follows the publication in July of a blueprint and roadmap compiled based on the input of a task force composed of over 20 representatives of EBA Clearing service users. The blueprint calls for the development of a pan-European service for instant payments in the clearing and settlement layer to payment service providers (PSPs) by 2018, after a pilot phase in 2017.

An updated version of the document incorporating the results of a consultation phase with a dedicated task force of PSPs from across Europe is currently under preparation and planned to be released at the Sibos conference in mid-October 2015.

“The fruitful and very supportive exchanges during the consultation on the blueprint over the past three months have confirmed that we are on the right course for the delivery of a solution capable of meeting the expectations of PSPs across Europe for a pan-European instant payment infrastructure,” says Erkki Poutiainen, chairman, EBA Clearing. “Based on this positive feedback, the Board of EBA Clearing has been happy to kick off the next phase of this ambitious delivery process and start the search for a technical solution provider to help us put in place and run this future service. We look forward to completing this next phase by the end of this year as a basis for the development of the solution in 2016.”

The service will be geared at handling any euro transactions that are in line with the instant payment definition and requirements formulated by the Euro Retail Payments Board (ERPB) in late 2014 and must be able to support any real-time payment products that PSPs in Europe may decide to offer to their customers.