Real Benefits from Real-Time: Delivering Instant Payments in Europe

Real Benefits from Real-Time: Delivering Instant Payments in Europe

There has been a lot of talk about European instant payments

With 2017 fast approaching, now is the time to look at practical delivery.  We live in impatient times – everyone wants everything now. Digital services save time but raise expectations. The ‘business day’ has all but disappeared and instant payments align financial services with the 24/7 society.  Almost a year has passed since the Euro Retail Payments Board (ERPB) invited the European Payments Council (EPC) to propose a design for instant SEPA payments. Much time has been spent discussing the best approach but it is time to consider practicalities. 

The publication of the SCT Inst rulebook will signal the start of implementation in earnest. The initial vision was for a Pan-European system with a single standard. However, several domestic schemes are now developing, with small variations on the rulebook. And, the UK, Sweden, Denmark, Poland, and Norway are all live; each has its own scheme rules, message formats and currency.

Sourced through Scoop.it from: www.finextra.com

Leave a Comment