EBA Clearing’s RT1 platform has expanded its reach in Luxembourg with five new joiners including Banque et Caisse d’Epargne de l’Etat, Luxembourg and Banque Internationale à Luxembourg.
With these additional joiners, RT1 has established critical mass for instant payments in Luxembourg in terms of payment accounts covered.
This latest development has also further contributed to the build-up of pan-European instant payment reach.
Critical mass has now been reached in 10 countries, including Austria, Estonia, Finland, France, Germany, Italy, Latvia, Lithuania, Luxembourg and Spain.
RT1 currently counts 74 participants across Europe, which extend reach to 2,570 addressable payment service providers (PSPs) from 24 different single euro payments area (SEPA) countries listed in the routing table of the system.
Together, these PSPs account for over 75 percent of the regular SEPA credit transfers EBA Clearing processes today. The RT1 system presently handles over 1 million transactions per day on weekdays.
Serge Wagener, vice president, payments, Banque et Caisse d’Epargne de l’Etat, Luxembourg (Spuerkeess), said: “Thanks to the collaboration with EBA CLEARING through the participation in RT1, we can ensure continuous availability, rapidity and pan-European reachability for our customers’ euro payments.”
“Joining RT1 puts us at the same level as other European players when it comes to Instant Payments. It significantly improves the customer experience as eligible payments can be handled 24/7. We are very proud to join this pan-European initiative, as first movers on the Luxembourg market,” added Serge Munten, head of agile operations, COO, Banque Internationale à Luxembourg.
Hays Littlejohn, CEO of EBA Clearing, concluded: “In 2021, we will further expand the functionalities of the TIPS Instructing Party Functionality in RT1 to ensure that our participants can meet the new TIPS obligations in a very efficient and cost-effective way: they will be able to use RT1 as a single place to view their transaction flows and to reconcile as well as manage their positions.”
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