20 February 2018
Visit www.avoka.com

Sibos 2017: ECB and clearing firms play nice on instant payments

19 October 2017  |  7967 views  |  0 Sibos doors

European clearing industry players put any lingering irritation with the ECB to one side during the final day of Sibos to come together to extol the virtues of instant payments.

From November, thanks to the European Payments Council's Sepa Instant Credit Transfer ("SCT Inst") Scheme, the likes of EBA Clearing, Stets and equensWorldline will begin bringing banks onboard their various instant payments systems.

From late 2018, they will be joined by the European Central Bank, which has decided to build its own Target Instant Payment Settlement (Tips) platform, arguing that it is uniquely placed to provide true pan-European reachability.

Asked by the ECB's Francisco Tur Hartmann about Tips, José Beltran from Stet acknowledged that it is a "sensitive question" but ultimately welcomed the development, noting that access to central bank money reduces credit risk.

EquensWorldline's Michael Steinbach was a little less "politically correct" but ceded the reachability argument, concluding that Tips is "welcome, even if it came in an unorthodox way".

Hays Littlejohn from EBA Group says that instant payments takeup is likely to vary significantly between different countries, a point backed by Beltran, who thinks that in a card-friendly place like France it may take some time for the new services to gain traction, but in Germany adoption could come faster.

There is also expected to be different timelines for adoption of different types of payments. Instant payments were initially seen as a tool for P2P transfers but in the longer term the panel think that they could become popular for B2C and B2B payments.

B2C, though, will require them to get payments that really are near-instant - people are not going to wait 10 seconds for a POS payment to go through. Meanwhile, the EUR15,000 limit being advised at launch will have to go for B2B transactions to take off.

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

Positive outlook for instant payments drives IT spend at EU banks

Positive outlook for instant payments drives IT spend at EU banks

01 August 2017  |  8199 views  |  1 comments | 13 tweets | 17 linkedin
UniCredit among 30 banks to begin testing instant payments

UniCredit among 30 banks to begin testing instant payments

25 July 2017  |  13750 views  |  0 comments | 3 tweets | 10 linkedin
EPC gears up for pan-European instant payments

EPC gears up for pan-European instant payments

14 July 2017  |  11985 views  |  0 comments | 10 tweets | 29 linkedin
ECB preps eurozone-wide instant payments service

ECB preps eurozone-wide instant payments service

22 June 2017  |  12029 views  |  0 comments | 20 tweets | 38 linkedin
Instant payments top of mind for Swift and EBA Clearing

Instant payments top of mind for Swift and EBA Clearing

14 June 2017  |  11132 views  |  0 comments | 13 tweets | 21 linkedin
EBA Clearing begins testing instant payments system

EBA Clearing begins testing instant payments system

18 January 2017  |  6674 views  |  0 comments | 7 tweets | 28 linkedin
ECB consults on development of pan-EU settlement service for instant payments

ECB consults on development of pan-EU settlement service for instant payments

10 January 2017  |  10005 views  |  1 comments | 18 tweets | 40 linkedin
EPC: Pan-European instant payments set for November 2017

EPC: Pan-European instant payments set for November 2017

30 November 2016  |  13112 views  |  2 comments | 19 tweets | 31 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  |  9578 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  |  8935 views  |  0 comments | 4 tweets | 16 linkedin
Dutch banks set 2019 target for instant payments

Dutch banks set 2019 target for instant payments

03 June 2015  |  12883 views  |  5 comments | 21 tweets | 31 linkedin
EBA Clearing forms pan-European instant payments task force

EBA Clearing forms pan-European instant payments task force

09 March 2015  |  9569 views  |  1 comments | 7 tweets | 14 linkedin

Related company news

 

Related company information

equensWorldline SE

Related blogs

Create a blog about this story (membership required)
visit www.swift.com/your-needs/instant-paymentsvisit www.nextgenbanking.co.ukRegister for the webinar

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11942 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9705 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9456 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
8219 views comments | 13 tweets | 12 linkedin
FCA explores creation of global sandboxFCA explores creation of global sandbox
7474 views comments | 19 tweets | 18 linkedin

Featured job

Find your next job