EBA Clearing Launches Pan-European Instant Payment Taskforce

EBA Clearing said that it has set up an instant payment task force to support the company’s ongoing work on creating a pan-European solution for instant payment processing.

A provider of pan-European payment infrastructure solutions, EBA Clearing was founded in 1998 and is owned by 60 major banks operating in Europe. It plans to offer Europe-wide instant payment processing services to payment services providers (PSPs) by 2018.

The company set up the taskforce, which is composed of around 20 experts from EBA Clearing user institutions, in February. It convened for the first time last week and its first task is to work on a roadmap and blueprint for the required deliverables.

EBA Clearing added that its instant payment initiative launched in 2014 in response to a call for action by the Euro Retail Payments Board (ERPB), which has invited the supply side of the payments industry to help achieve an open and competitive market for instant payments in Europe.

Based on a vision document created by the European Central Bank (ECB), the ERPB has expressed a need for at least one pan-European instant payment solution for euro open to any PSP in the European Union (EU) and has invited the supply side to make an assessment of issues related to delivering any such solution.

“We have resolved to contribute to the supply side effort that a Europe-wide move to instant payments will require and we feel that a pan-European collaborative effort is the best way forward to respond positively to the call for action by the ERPB and the ECB,” said Erkki Poutiainen, chairman of EBA Clearing.

“After an initial evaluation done in summer 2014, we put our instant payment initiative on a fast track in late 2014 following this call for action. Together with interested users, we have begun to define the roadmap 2015-2018 for the delivery of an inter-PSP infrastructure solution at a pan-European level and we are working on a blueprint setting forth one or more suitable solutions by mid-2015.”

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