The EU regulation on the mandatory introduction of SEPA instant payments and execution on the basis of SCT Inst make money transfers within seconds a matter of course. But payment service providers must meet new requirements to use this procedure. Because implementation is not the end of the story; constantly increasing demands, from mobility to flexibility to fraud prevention, make more far-reaching changes necessary.
Instant payments have fundamentally changed global payments and are a drive for innovative payment procedures. Since the introduction of SEPA instant payments in Europe, the usual related intraday payments are possible without problems 365 days a year thanks to SCT Inst. The payments are final within seconds and recipients have the funds at their free disposal. The procedure is tailored to the requirements of the fast-moving digital economy and society and can be used by all bank customers.
For payment service providers, however, the implementation is a challenge. In addition to integrating as seamlessly as possible into existing systems and processes and a suitable strategy for introducing new products around instant payments, the action fields are primarily future further development and interoperability. The reason is the end customers' interest in a fast payments processing.
Instant payments are mainly used in mass payments. With billions in transaction volumes every business day, this is a particularly important area of activity for payment service providers. The providers must deal with ever-increasing customer demands regarding functionality, security, data quality and transaction processing. At the same time, an eye for difficult and serious fields such as fraud detection and embargo checks must not be lacking.
Thus solutions beyond the desktop application for online banking have become indispensable; access to one's own accounts must be possible at any time and from any location. Providers are responding to this with appropriate software, special portals or banking apps.
Our payments specialists have years of expertise gathered from many successful projects in retail and for the introduction of SEPA instant payments. We advise you comprehensively on these topics and support you in the subsequent implementation until the project is completed. Get in touch with us for more information.
Real-time payments still play only a minor role in the European payments market. That will change in the foreseeable future. The main driver for this is the EU Commission's plan to make instant payments a mandatory offering of financial institutions.
You can find out more about payments of the future and what a fast money transfer procedure like instant payments has to do with the Internet of Things in the whitepaper "The future of payments: programmable payments in the IoT sector", which is available for download here.
SEPA instant payments will soon be part of the legally mandatory offer of financial service providers. How well prepared is your institution? Which aspects are still lacking? Our instant payments readiness check will give you the answers.
The mandatory introduction of instant credit transfers poses considerable challenges for the IT systems of European financial service providers. With TRAVIC-Instant-Payments-as-a-Service, institutions have an absolutely reliable solution at their disposal with which the regulatory obligation can be implemented within a short time and in a resource-saving manner.