EBA Clearing sets out specifications for pan-European instant payments system

Source: EBA Clearing

EBA Clearing today made available the specifications for its future pan- European instant payment solution scheduled to go live in November 2017.

This initial set of detailed documentation, which covers the functional description and the interface specifications, will support future users in their preparations for the connection to this new solution. All payment service providers (PSPs) interested to prepare for joining this service can request access to the documentation via the EBA CLEARING website:

The objective of the Company’s instant payment project is to deliver a liquidityefficient pan-European instant payment service, compliant with the SCT Inst Scheme of the European Payments Council (EPC) and in line with the user requirements defined by a large group of interested stakeholders. This first set of specifications for the Company’s new service has been completed by EBA CLEARING in co-operation with the future users that have committed to funding the development and implementation of the solution.

The design of this pan-European service will be further enriched in the coming months when the final version of the EPC SCT Inst Scheme Rulebook becomes available. 

“We are pleased to share this first set of our instant payment solution specifications with all future users and would like to thank the funding institutions for their support in completing this initial version,” said Hays Littlejohn, Chief Executive Officer of EBA CLEARING.

“More than 400 industry specialists have participated in sneak preview sessions on the design of the solution, which we have held at EBAday and in the form of webinars over the past two months – this large attendance shows the great interest our future platform is attracting across the industry. The availability of our specifications should now allow PSPs throughout Europe to start their preparations for using this pan-European instant payment service from as early as the launch date in November 2017.”

“The development of our instant payment solution is on time and aimed at ensuring flexibility for our users both at a functional and technology level,” said Erwin Kulk, Head of Service Development and Management, EBA

“As an example, the service will offer different ways for PSPs to interface with the platform, including a ‘plug-and-play’ web-based user interface. Our goal is to optimally support users of any size and with different strategies in joining the solution at their preferred pace.”

EBA CLEARING’s new infrastructure platform will provide a real-time payment processing facility, which will be available around the clock on any day of the year. PSPs from all over Europe will be able to use this highly flexible solution for any payment product that will be fully compliant with the instant payment scheme being developed by the European Payments Council and in line with the global messaging standards for instant payments (ISO 20022). 

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