EBA Clearing’s instant payment service RT1 marks fifth anniversary
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EBA Clearing’s instant payment service RT1 marks fifth anniversary 21 November 2022Europe Reporter: Lyndsey Young
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EBA Clearing’s pan-European instant payment service RT1 has been on the forefront of the real-time payment ramp-up across Europe, since its inception 5 years ago, according to the payment infrastructure solutions provider.
The service currently reaches 85 per cent of bank customers in SEPA and processes over two million transactions worth €1.5 billion per day on average.
In a proposed regulation, the European Commission is planning to require all payment service providers (PSPs) to make instant payments available to their customers, at price rates identical to those of SEPA credit transfers and with stronger consumer protection, says EBA Clearing.
RT1 aims to onboard payment volumes and to help meet all requirements set by the regulation proposal for PSPs looking to connect to an instant payment service, or looking to ramp up their instant payment business.
Hays Littlejohn, CEO of EBA Clearing, says: “EBA Clearing is well-positioned to support PSPs in their efforts to meet the upcoming regulatory requirements. RT1 is the easiest path to instant payment adoption, it is aligned with our STEP2-T System, which all PSPs in Europe are already using for their SEPA credit transfers and direct debits.”
Erwin Kulk, head of service development and management at EBA Clearing, adds: “Going forward, our key aim will be to enable PSPs to deliver innovative and ubiquitous end-user solutions on top of RT1.
“Together with the RT1 community, all our efforts are focused on optimising RT1 to enable our users to create these solutions and monetise their investments in instant payments.”
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