24 September 2017
visit www.avoka.com

EBA Clearing preps revamp of Euro1 high-value payment system

21 June 2017  |  7217 views  |  0 EBA clearing logo

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.

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

Instant payments top of mind for Swift and EBA Clearing

Instant payments top of mind for Swift and EBA Clearing

14 June 2017  |  9820 views  |  0 comments | 13 tweets | 21 linkedin
EBA Clearing begins testing instant payments system

EBA Clearing begins testing instant payments system

18 January 2017  |  5884 views  |  0 comments | 6 tweets | 27 linkedin
Forty banks line up in support of EBA Clearing instant payments plan

Forty banks line up in support of EBA Clearing instant payments plan

19 April 2016  |  9180 views  |  0 comments | 17 tweets | 18 linkedin
SIA signs letter of intent for EBA Clearing instant payments platform

SIA signs letter of intent for EBA Clearing instant payments platform

09 February 2016  |  8538 views  |  0 comments | 4 tweets | 16 linkedin
EBA Clearing goes to tender for pan-European instant payments platform

EBA Clearing goes to tender for pan-European instant payments platform

06 October 2015  |  8223 views  |  0 comments | 15 tweets | 16 linkedin
EBA Clearing forms pan-European instant payments task force

EBA Clearing forms pan-European instant payments task force

09 March 2015  |  9226 views  |  1 comments | 7 tweets | 14 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comdownload the paper nowvisit www.temenos.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
13392 views comments | 28 tweets | 44 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
9743 views comments | 13 tweets | 28 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8591 views comments | 19 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
8366 views comments | 16 tweets | 1 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
8076 views comments | 32 tweets | 45 linkedin

Featured job

Competitive base, commission, benefits
London, UK

Find your next job