EBA Clearing preps revamp of Euro1 high-value payment system

EBA Clearing preps revamp of Euro1 high-value payment system

With its new real-time payment platform set to go live in the next few months, EBA Clearing is turning its attention to Euro1, kicking off an investigation into how the flagship single euro payment system should be positioned in the rapidly-evolving landscape.

The bank-owned infrastructure provider has been offering its Euro1 system to payments banks as a liquidity-efficient alternative to Target2 since the start of the European Monetary Union.

While Euro1 has a market share of nearly 40%, its position is being reevaluated in light of EBA Clearing's move to roll out a real-time payment platform, called RT1, in November, the firm explained at EBAday in Dublin.

A "future positioning programme" will seek feedback from interested users over the next few months, looking into issues such as real-time payments, the industry-wide migration to ISO 20022 standards for high-value payments and the evolving regulatory scene in areas such as liquidity management and payment system operation.

Hays Littlejohn, CEO, EBA Clearing, says: "With our real-time payment platform RT1 all set for its go-live in November, we are ready to revisit the positioning of EURO1 with our user community. While there are quite a few drivers motivating the launch of our new programme, a recent user consultation has also confirmed that EURO1 continues to be highly valued in its current set-up and is considered by our users to be fit for purpose for the next few years.

That is why our initiative will strive to strike a fine balance: ready Euro1 for the longer-term future by adapting it to all the changes we can expect in the high-value payments world, while also maintaining and potentially enhancing its value and, where possible, leveraging investments already made."

EBA Clearing says it wants to have a proposal and implementation roadmap for a revamped Euro1 ready in the next year, with implementation for 2020.

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