EBA Clearing launches request to pay solution for Europe
Pan-European payment infrastructure provider EBA Clearing has launched its request to pay solution with 26 payment service providers (PSPs).
The PSPs, who span 11 countries and are looking to go live in 2020, kicked off their first meeting together in Frankfurt.
All the funding banks are looking to use the solution to leverage their own instant payment investments faster and extend their reach.
“Most PSPs now have the necessary real-time capabilities in place to engage in the roll-out of new customer products as testified by our instant payment system RT1, which currently connects 2,368 PSPs across 19 countries,” says EBA Clearing CEO, Hays Littlejohn.
The Paris-based provider has issued a white paper called ‘R2P: The missing piece of the puzzle’, which sets out how the product will help PSPs to leverage the existing Single Euro Payments Area (SEPA) schemes and infrastructures to fast-track time to market.
Request to pay will also increase the certainty, transparency and convenience of PSP’s processes, reducing risk and speeding up end-to-end transfers.
EBA Clearing see the request to pay approach for Europe as “the missing piece of the puzzle” for companies who want to innovate payments which are based on real-time messaging.