What do a Fintech, a Tier1 bank and a non-bank PSP have in common?
The committment and drive to make payments faster, easier and more cost effective for the global financial community. This includes non-banks.
The possibility of collaboration between these parties was once thought impossible but today, by utilising close partnerships with Tier 1 banks means Fintechs can open up access to European payment schemes for both the Fintech community and financial institutions
more broadly, the value of which can be passed on directly to their customers.
In Europe, connecting to SEPA payment schemes is even more complex. Traditionally, direct access has only been possible for those that are a licensed credit institution. Today, directly connecting to SEPA Instant without the need for a Central Bank is bringing
real-time payments to new banks and payment providers.
For non-banks this industry first model signifies another important step to democratise access to payment schemes.
FinTechs can now fully benefit from the advantages of real-time payment processing (such as 24/7 non-stop service and end-to-end processing in under 10 seconds).
Delivering this outcome is only possible through close collaboration and the recognition of EBA Clearing that Banks and Technical Service Providers need to coexist to make real-time payments a reality for non-bank payment service providers.