CaixaBank and BBVA have teamed up with Spanish payments outfit Iberpay to process the first Requests to Pay between banks in Europe.
Beginning in April, the pilot programme has seen transactions running in a ring-fenced friends and family live environment, with Iberpay managing the processing.
Request to Pay is a 24/7 request for payments solution where the payee asks for payment by an instant digital transaction. As soon as the payer accepts the request the instant payment is sent, received in the initiator’s account and ready to spend immediately.
The Sepa Request to Pay scheme has been developed by the European Payments Council to standardise and promote the method throughout the continent.
BBVA and CaixaBank claim it will transform how citizens and companies manage their payments in Europe, providing a safe and efficient digital alternative for B2B invoicing, such as paying taxes and public sector charges.