Paris
10 October 2017
Reporter: Theo Andrew

European banks line up for real-time payments launch


EBA Clearing has confirmed that banks from nine countries will join RT1, it’s pan-European infrastructure solution for real-time payments in euro, on its go-live date in November 2017.

The banks, which operate across several European countries, include institutions from the Netherlands, Spain, Austria, Italy, Latvia and Lithuania.

The first group of users are currently testing the platform’s connectivity, as it prepares for a “real-time payments ramp-up in Europe”, with banks including BBVA, CaxiaBank and UniCredit, a company statement said.

EBA Clearing expects see more than 50 early adopters live on RT1 by mid-2018. It is open to any account-servicing payment provider (AS-PSP) adhering to the European Payments Council’ SEPA Instant Credit Transfer Scheme.

The platform has been developed alongside its technology partner SIA, as well as 39 funding institutions, since April 2016.

It is the second project that EBA Clearing and SIA have worked on together. They also collaborated to implement the Single Euro Payments Area (SEPA) platform, STEP2.

Hays Littlejohn, CEO of EBA Clearing, said: “By the end of 2018, the participants in the system should represent 80 percent of our current STEP2 SEPA Credit Transfer (SCT) volumes, which gives a good indication of the considerable reach we expect RT1 to build up within the next 12 months.”

Littlejohn added: “RT1 is real and timely, ready to serve the needs of European payment service providers and their customers from day one of the EPC’s SCT Inst Scheme.”

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Iberclear bank on Citi to provide global custody
20 October 2017 | Madrid | Reporter: Jenna Lomax
The agreement, signed at this years Sibos conference in Toronto, will enable Spanish clearing houses to settle international securities via local CSDs
Clearstream promises post-Brexit services continuity
20 October 2017 | London | Reporter: Jenna Lomax
Despite the uncertainty that came after the referendum results last year, Clearstream said its main objective through Brexit was to minimise risk of cross-border settlement
AI will be transformative, but is still in early stages
19 October 2017 | Toronto | Reporter: Stephanie Palmer
Artificial intelligence is a “transformational technology” that will improve productivity and security, and provide a competitive advantage, according to a live poll at Sibos 2017
Security and standards key in blockchain solutions
19 October 2017 | Toronto | Reporter: Stephanie Palmer
Distributed ledger technology (DLT) solutions should embed security measures at their very core, especially in the financial services space, according to Sibos panellists
LCH promotes Daniel Maguire to CEO
19 October 2017 | London | Reporter: Jenna Lomax
Maguire, who has been COO of the same department since April this year, was previously senior vice president for commodity exotics and hybrids at J.P. Morgan
Swift harmonises VP Securities network in Denmark
19 October 2017 | Toronto | Reporter: Theo Andrew
The enhancement, set to launch in 2018, means banks will face reduced costs by harmonising the network used to connect with other securities markets across the globe
EU commission lays down the law on MiFID II compliance
19 October 2017 | Brussels | Reporter: Jenna Lomax
As many as 19 infringing member states include Belgium, Malta, France, Greece, Luxembourg, Netherlands, Portugal, Spain and Sweden as facing the commission’s wrath
More news