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January 19, 2017updated 04 Apr 2017 3:56pm

EBA Clearing kicks off testing pan-European instant payments system

EBA Clearing, a provider of pan-European payment infrastructure, has commenced the testing phase for its pan-European instant payment infrastructure platform, which is slated to go live in November 2017.

By Verdict Staff

EBA Clearing, a provider of pan-European payment infrastructure, has commenced the testing phase for its pan-European instant payment infrastructure platform, which is slated to go live in November 2017.

The new infrastructure platform, is funded by 28 institutions from all over Europe, is planned to be in line with ISO 20022 messaging standards.

The new platform will offer a real-time payment processing facility, which will be available around the clock on any day of the year.

According to EBA Clearing, account-servicing payment service providers (AS-PSPs) from all over Europe will be able to use this solution for any payment product in euro that will be fully compliant with the instant payment scheme (SCT Inst Scheme) of the European Payments Council (EPC).

EBA CLEARING CEO Hays Littlejohn said: “The timely delivery of our instant payment system in the test environment is a key milestone on our journey towards the go-live of the service in November 2017. I would like to thank our funding institutions and our technology partner SIA for their vital contribution to the successful implementation of this first version of this pan-European system.

“We now look forward to engaging the growing community of early movers and their trusted service providers in the pilot user tests that will follow our acceptance testing with SIA. The system will be open to any AS-PSP adhering to the EPC Scheme. We will offer different options to interact with the system in order to ensure that any type of user from anywhere in Europe can access the platform.”

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