EBA Clearing to launch pan-European R2P solution
18 September 2019 Paris
Image: Shutterstock
EBA Clearing is to introduce a pan-European request to pay (R2P) infrastructure solution, expected to go-live in 2020.
The delivery of the solution is supported and funded by 26 financial institutions from 11 countries.
An EBA Clearing whitepaper has detailed why a pan-European request to pay approach is the “missing piece of the puzzle” for leveraging instant payments.
The whitepaper stated how the request to pay is considered a key element in an evolving payments landscape shaped by developments such as open banking and real-time payments.
It said: “Request to pay solutions can increase certainty, transparency and convenience of payment processes, for instance by speeding up the end-to-end process, reducing risk, and easing reconciliation.”
Hays Littlejohn, CEO of EBA Clearing, said: “As detailed in our white paper, we believe the time is right for putting into reality a pan-European request to pay solution that allows existing end-user solutions to interconnect and, at the same time, provides the basis for the development of new pan-European payment solutions.”
He added: “Since its launch, the platform has processed 50 million single euro payments area instant credit transactions, in real-time and with immediate finality, and its volumes have recently risen to nearly two million payments per week.”
Erwin Kulk, head of service development and management at EBA Clearing, commented: “Together with our funding institutions, we now have taken the first practical step towards delivering this pan-European request to pay solution.”
He added: “We are very happy that a representative group of our users supports the development phase of this project and we look forward to working with them towards a go-live of the solution in the second half of 2020.”
The delivery of the solution is supported and funded by 26 financial institutions from 11 countries.
An EBA Clearing whitepaper has detailed why a pan-European request to pay approach is the “missing piece of the puzzle” for leveraging instant payments.
The whitepaper stated how the request to pay is considered a key element in an evolving payments landscape shaped by developments such as open banking and real-time payments.
It said: “Request to pay solutions can increase certainty, transparency and convenience of payment processes, for instance by speeding up the end-to-end process, reducing risk, and easing reconciliation.”
Hays Littlejohn, CEO of EBA Clearing, said: “As detailed in our white paper, we believe the time is right for putting into reality a pan-European request to pay solution that allows existing end-user solutions to interconnect and, at the same time, provides the basis for the development of new pan-European payment solutions.”
He added: “Since its launch, the platform has processed 50 million single euro payments area instant credit transactions, in real-time and with immediate finality, and its volumes have recently risen to nearly two million payments per week.”
Erwin Kulk, head of service development and management at EBA Clearing, commented: “Together with our funding institutions, we now have taken the first practical step towards delivering this pan-European request to pay solution.”
He added: “We are very happy that a representative group of our users supports the development phase of this project and we look forward to working with them towards a go-live of the solution in the second half of 2020.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
