EBA Clearing publishes blueprint for pan-European instant payment infrastructure

Source: EBA Clearing

EBA Clearing has published a blueprint document spelling out high-level business requirements for a pan-European instant payment infrastructure solution.

This milestone on the Company’s journey towards delivering a solution in the clearing and settlement layer for instant payment transactions in euro by 2017 was completed within less than four months.

EBA CLEARING is a provider of pan-European payment infrastructure solutions, including the EURO1 and STEP2 systems. The blueprint was compiled based on the input of a task force composed of over 20 representatives of EBA CLEARING service users. The aim of this work has been to provide a comprehensive basis for a broader user and stakeholder consultation on the way forward towards developing a solution for payment service providers (PSPs) from all over Europe.

The future infrastructure solution by EBA CLEARING will be geared at handling any euro transactions that are in line with the instant payment definition and requirements formulated by the Euro Retail Payments Board (ERPB) in late 2014 and should thus be able to support any real-time payment products that PSPs in Europe may decide to offer to their customers.

“We are very pleased to announce the delivery of this blueprint, which constitutes a joint testimony on requirements for an instant payment infrastructure solution compiled by interested PSPs from our user community,” said Hays Littlejohn, Chief Executive Officer, EBA CLEARING.

“We are planning to discuss these requirements and the proposed roadmap with our wider user community and key stakeholders over the coming months and look forward to their feedback. The next step is to further refine and specify these requirements based on this input, so that we can take them to potential technology suppliers before the end of this year.”

As detailed in the roadmap provided as part of the blueprint, EBA CLEARING aims to start the new solution in a pilot mode in 2017 to be followed by an official launch in 2018.

An electronic copy of EBA CLEARING’s Blueprint for an Instant Payment Infrastructure Solution is made available to the interested public for information and can be requested here.

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