In a few months, instant credit transfers in the SEPA area will become mandatory for European banks. Institutions that have not yet offered money transfers in accordance with the SEPA instant credit transfer scheme (SCT Inst for short) must act now. In addition to a tight schedule, the increasing shortage of skilled personnel and other changes in payments, such as PSD3, EPI and the digital euro, must also be taken into account. In this situation, PPI's TRAVIC-Instant-Payments-as-a-Service model is the perfect solution. With it, institutions can ensure their regulatory compliance quickly and cost-efficiently.
In the future, payment service providers in the euro area will no longer be able to avoid offering instant credit transfers based on SCT Inst. A corresponding obligation by the EU commission will come into force at the turn of the year. More than half of the institutions still have to integrate corresponding offers into their portfolio and, above all, into their IT systems. The requirements are high:
This task in itself is already highly demanding and ties up considerable resources, which are more or less stretched to the limit at many financial institutions anyway. On the one hand, a whole series of other projects for the implementation of regulatory stipulations are running at the same time. On the other hand, companies are feeling the full impact of the shortage of skilled personnel, especially in the IT sector. Under these circumstances, is a timely implementation of the European requirements feasible at all?
The clear answer: yes, SCT Inst can be implemented in a timely and resource-saving manner. As the provider of the market-leading SEPA instant payments platform, PPI offers a cloud-based out-of-the-box solution that can be integrated into any IT infrastructure in a relatively short period of time. TRAVIC-Instant-Payments-as-a-Service uses PPI's TRAVIC suite within the framework of an operator model and thus enables a bank to be quickly connected to the TARGET Instant Payment Settlement System (TIPS).
TRAVIC-Instant-Payments-as-a-Service is a modular solution that includes the following services in the basic model:
Depending on the needs and wishes of the respective institution, further modules and services can be integrated:
Do you want to implement mandatory SEPA instant payments quickly and in a resource-efficient manner? Get in touch with us to learn more!
Real-time credit transfers via SEPA instant payments are becoming increasingly popular and at the same time present financial institutions with rather significant challenges in terms of processes and IT infrastructure.
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.
Instant credit transfers will be a permanent fixture in future payments. Read our whitepaper on the subject to find out how institutions can generate the best added value for instant payments, what prerequisites need to be met and what opportunities SEPA instant payments offer.