EBA CLEARING has announced that close to 40 financial institutions operating across SEPA have committed to supporting and funding the development and implementation of its pan-European instant payment platform.
The funding institutions will be involved in shaping the system design, functionality and interface specifications. The future infrastructure service is scheduled to be live in Q4 2017.
The EBA CLEARING solution will provide a real-time payment processing facility, which will be available around the clock on any day of the year. Payment service providers from all over Europe will be able to use this highly flexible solution for any payment product that complies with the instant payment scheme being developed by the European Payments Council.
“We are very pleased about the strong commitment we have received from future users for our proposal to deliver a pan-European instant payment infrastructure solution.” said Erkki Poutiainen, Chairman of EBA CLEARING.
“Based on this support, the EBA CLEARING Board has formally kicked off this development and implementation project. We now look forward to bringing our instant payment solution to life with the active contribution of the funding banks, for the benefit of the future user community and its customers.”