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.”
