This will come into practice by December 2024
The new service will enable payment service providers (PSPs) operating in SEPA to process incoming and outgoing international credit transfers through RT, says EBA Clearing
The company has also launched a developer portal and sandbox to support the development and testing of FPAD’s application programme interfaces
The service currently reaches 85 per cent of bank customers in SEPA and processes over two million transactions worth €1.5 billion euro per day on average
The IXB pilot service will leverage the existing real-time payment systems RTP in the US, run by TCH, and EBA CLEARING’s RT1 in Europe
STEP2 concludes migration to the new continuous gross settlement, allowing banks across Europe to shorten end-to-end processing timelines for SEPA payments
EBA CLEARING, SWIFT and The Clearing House is to launch a pilot service for immediate cross-border payments to improve cross-border payments by utilising the fastest domestic payment options
The planned upgrade will enable STEP2 participants to shorten end-to-end processing timelines for retail payments in euro from hours to minutes, for the benefit of European businesses and consumers
Although there are complications, Brexit is yet to slow the growth of Paris’s asset servicing and technological innovation