28 July 2017
Download the paper now.

Finnish banks seek supplier for real-time payments system

27 May 2014  |  12848 views  |  0 Finlandia Hall

Finland's banking industry has laid out its intention to establish a real-time payments system and invited potential suppliers to make their pitches.

The country's current 'urgent' payment system, dubbed Pops, was built in the early 1990s and is now "becoming obsolete", says the Federation of Finnish Financial Services, which maintains the platform.

The federation has now put out a 'request for information' asking potential suppliers to explain how they would help create a 24/7/365 system fit for the Sepa-era.

The new system must be real-time, be cross-border, covering at least the entire Sepa zone, and provide application-level acknowledgement of the payment received by the beneficiary.

The banks say that the system must be connected to a network that is "at least equal to Swift" and designed in a way that makes it easy for them to develop their own products and services.

Potential suppliers have until September to submit a written response to the request for information, which can be viewed here (PDF).

KeywordsSEPA

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Singapore taps VocaLink for faster payments

Singapore taps VocaLink for faster payments

08 May 2014  |  10739 views  |  2 comments | 12 tweets | 14 linkedin
US Federal Reserve pushes ahead with Faster Payments planning

US Federal Reserve pushes ahead with Faster Payments planning

05 February 2014  |  11015 views  |  8 comments | 16 tweets | 16 linkedin
Oz banks gear up for real-time payments system

Oz banks gear up for real-time payments system

05 July 2013  |  7940 views  |  2 comments | 5 tweets | 3 linkedin
VocaLink, First Data and Accenture pitch Aussie real-time payments system

VocaLink, First Data and Accenture pitch Aussie real-time payments system

11 September 2012  |  11936 views  |  1 comments | 1 linkedin
Faster Payments volumes surge

Faster Payments volumes surge

19 March 2012  |  11427 views  |  1 comments

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.worldpaymentsreport.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
US firm to implant employees with RFID chipsUS firm to implant employees with RFID chi...
9619 views 16 comments | 33 tweets | 38 linkedin
hands typing furiouslyHow automation can help transform the fina...
8268 views 0 | 6 tweets | 2 linkedin
Santander looks to smooth fintech integration with BiBoxSantander looks to smooth fintech integrat...
7427 views comments | 16 tweets | 15 linkedin
hands typing furiouslySWIFT Blockchain POC: enhanced cross-borde...
7083 views 1 | 4 tweets | 13 linkedin
UniCredit confirms data breachUniCredit confirms data breach
6544 views comments | 11 tweets | 16 linkedin