Dutch banks set 2019 target for instant payments

Dutch banks have set themselves the task of building the infrastructure within the next four years to enable instant payments.

  31 5 comments

Dutch banks set 2019 target for instant payments

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The "ambition" was agreed at the National Forum on the Payment System, with banks and other stakeholders promising to work together to make sure that by 2019 payments will be credited within five seconds. Carried out through the Dutch Payments Association, the plan will require a completely new infrastructure, which fits into the Single Euro Payments Area.

Says a statement: "This plan is fully consistent with the digitisation of society, changing customer expectations and a growing need to be able to pay for anything, anywhere and without any delay. It will not be long before transactions can be processed in real time and 24/7, including during weekends and on holidays."

Singapore and Australia are among the countries following a lead taken by the UK in building a faster payments system, while the US is gradually inching towards upgrading its own antiquated infrastructure. Meanwhile, in March EBA Clearing launched a task force to lay the groundwork for a Europe-wide instant payment processing service it hopes to have up and running by 2018.

Sponsored [Impact Study] 2024 Fraud Trends in Banking, Insurance, and Beyond

Comments: (5)

A Finextra member 

Good Stuff!!

After Singapore, NPP - Australia, Fed Faster Payments, EBA faster payments and now this news. Guess we will see a surge in faster payments worldwide soon.

A Finextra member 

Banks need to take care about the danger that the new players in the transaction game (Apple, Google...) haven't eaten up the cake until 2019...

Daniele Astarita

Daniele Astarita Principal Solution Consultant at ACI Worldwide

National plans are very much welcome  to avoid fragmented initiatives which leaves stakeholders with uncertainty. More aggressive timeframes would certainly be feasible though, even considering that the legislation framework needs maybe more time to be agreed than the technological one. By the way... Anyone up for an immediate settlement mechanism or bank-to-bank distributed ledgers? 

A Finextra member 

Ripple already does immediate settlement and bank to bank ledgers...

Gene Neyer

Gene Neyer Executive Advisor to Icon Solutions at Icon Solutions

Since EBA anounced their intention to have a Pan-European instant payment scheme round 2017, assuming that dutch banks will wait for a domestic scheme for 2 year seems improbably to me. 

[Webinar] Exploring the ethics of AI in bankingFinextra Promoted[Webinar] Exploring the ethics of AI in banking