EBA Clearing, the provider of pan-European payment infrastructure solutions, has delivered its specifications for its pan-European request to pay (R2P) infrastructure solution, which is set to go live in November 2020.
Request to pay is considered a key element in an evolving payments landscape, EBA Clearing explained.
The specifications of EBA Clearing’s R2P solution have been created with the support of 27 financial institutions from 11 countries, which are funding the development of the solution.
These specifications will be made available to the wider community of future users of the solution and to the technical service providers and solution providers supporting them.
According to EBA, request to pay services built on top of a messaging infrastructure that can increase certainty, transparency and convenience of payment processes, for instance by speeding up the end-to-end process, reducing risk and easing reconciliation.
EBA Clearing highlighted that a pan-European request to pay solution will be an enabler for payment service providers (PSPs) and their customers to realise the full potential of instant payments.
The development of the solution will ‘fully align’ with the request to pay scheme that is currently being delivered by the European Payments Council (EPC).
The payment schemes developed by the EPC are used by thousands of payment service providers in Europe to facilitate some 39 billion transactions each year.
A pan-European request to pay approach, according to EBA, is seen as the missing piece of the puzzle for market players to create innovative payment products and services for their customers.
Erwin Kulk, head of service development and management, EBA Clearing, commented: “We are very pleased to share the specifications of our R2P solution with interested payment service providers and their suppliers almost a year ahead of the go-live of the service.”
“With the speedy delivery of these specs and the open and transparent approach for sharing them, we hope to further contribute to the creation of a forward-looking pan-European payments ecosystem taking full advantage of real-time messaging.”
Kulk added: “PSPs and payment operators across Europe have put in a lot of effort to create both critical mass and pan-European reach for instant payments and request to pay will be a crucial tool to leverage these rails for innovative and sustainable end-user solutions.”
