EBA Clearing reports growing participation in instant payment initiative

Source: EBA Clearing

EBA CLEARING continues to register a strong growth in the number of payment service providers (PSPs) confirming their interest in the Company's pan-European instant payment service, which is on schedule to be delivered in November 2017.

The community of financial institutions preparing to join the future service in 2017 or 2018 has nearly doubled since EBA CLEARING formally kicked off of the development project in April 2016 with 39 underwriting banks.

“Five months after the start of the development project and less than two months after the publication of the draft specifications for our instant payment service, we are happy to see that the community of interested PSPs has already grown to close to 80 institutions,” said Hays Littlejohn, Chief Executive Officer of EBA CLEARING. “This growing support from PSPs, as well as software houses, confirms the strong interest in a pan-European solution for the clearing of real-time payment transactions in euro. We are now working on delivering the system and ensuring our specifications are aligned with the forthcoming final version of the EPC SCT Inst Scheme Rulebook, so that both the system and its users will be ready for the testing phases during the first half of 2017.”

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 of the European Payments Council and in line with the global messaging standards for instant payments (ISO 20022).

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