11 February 2016
Reporter: Stephanie Palmer

EBA Clearing and SIA in real-time payments plan

Euro payment infrastructure service provider EBA Clearing has signed a letter of intent with SIA to develop a pan-European real-time payments infrastructure solution by Q4 2017.

The solution is intended to be the first instant payment infrastructure service for financial institutions on a pan-European scale.

It will be able to handle any euro transactions that are in line with the instant payment definition and requirements formulated by the Euro Retail Payments Board (ERPB). It will also have the capability to support any real-time payment products offered in Europe.

The new solution will be in line with ISO 20022 global messaging standards, and compliant with the European Payments Council’ SCTInst Scheme, which is currently under development.

SIA will support EBA Clearing in creating and implementing the platform. The Italian payments processer specialises in designing, creating and managing technology infrastructures and services for both institutions and market infrastructure providers. It was selected after a request for proposals in October 2015.

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

Hays Littlejohn, CEO of EBA Clearing, said: “Signing a letter of intent represents a significant milestone in our company’s journey towards delivering a pan-European infrastructure solution for instant payments, in co-operation with SIA.”

He added: “As a next step, we are now inviting interested payment service providers to join our initiative. We look forward to working with SIA and these pilot users on the development of a platform that can be used for instant payments both at a domestic and cross-border level.”

Massimo Arrighetti, CEO of SIA, said: “We are very pleased to be able to contribute our expertise and experience to this major infrastructure project for the European payments market.”

He continued: “We believe our international network of highly qualified and efficient specialists and our productive partnership with EBA Clearing are a winning combination for the delivery of an agile real-time infrastructure solution helping payment service providers to meet the evolving needs of European corporates and consumers.”

More payments 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
Ebury exports transaction services offering to Canada
07 November 2017 | Toronto | Reporter: Theo Andrew
The new office is intended to support rising demand for international currency payments and collections, foreign exchange risk management and import finance solutions from Canadian businesses
Deutsche Bank gpi service expands to euro payments
06 November 2017 | Frankfurt | Reporter: Stephanie Palmer-Derrien
Deutsche Bank has launched its global payments initiative service for euro payments, promising to process payments between continents within 30 minutes
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
NEX partners with Baton Systems
17 October 2017 | London | Reporter: Jenna Lomax
The agreement means Baton Systems will be the first third party to provide its clients with services through NEX’s Infinity solution
SWIFT blockchain testing shows progress
13 October 2017 | Brussels | Reporter: Theo Andrew
Challenges remain in the development of unique value propositions and integration with legacy back-office applications
European banks line up for real-time payments launch
10 October 2017 | Paris | Reporter: Theo Andrew
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
UniCredit embarks on test phase for European instant payments
25 July 2017 | Milan | Reporter: Stephanie Palmer
UniCredit has started testing EBA Clearing’s instant payment solution RT1, in preparation to roll out instant payments multinationally
More payments news