EBA Clearing and Iberpay have delivered two interoperable services to process messages and provide functionalities complying with the new SEPA request-to-pay scheme (SRTP) created by the European Payments Council (EPC).
Payment service providers and other service providers adhering to this new SEPA scheme may now exchange SRTP messages end to end, in split seconds and across Europe.
The milestone provides the missing piece to support a multitude of use cases that users could offer their clients, EBA Clearing explains.
SRTP is the set of operating rules, messages and technical elements that allows a payee to request the initiation of a payment from a payer before the exchange of the funds (money).
The development of the scheme was taken forward by the EPC following a call to action by the Euro Retail Payments Board (ERPB) in November 2018 to analyse and prepare the exploitation of the request to pay functionality.
The importance of the launch is related to several use cases such as unpaid or returned direct debits, e-commerce payments, the substitution of other payment instruments, public administration payments, payment of e-invoices and even at the point of sale.
Juan Luis Encinas, managing director of Iberpay, comments: “Iberpay is strongly committed to playing a leading role in instant and digital payments and we believe that the launch of our Request to Pay service from the very beginning is a very important milestone for that. “
“Iberpay is extremely pleased to collaborate with EBA Clearing with the aim to assure pan-European reachability for the SRTP Scheme and to better serve its users”.
Hays Littlejohn, CEO of EBA Clearing, adds: “We are pleased to see the Spanish community connected to our R2P Service from day one of the SRTP Scheme. IBERPAY is the first infrastructure provider extending R2P access to its user community. This supports our objective to build full pan-European reach for Request to Pay and ensure interoperability between the underlying infrastructures.”
