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March 10, 2015updated 04 Apr 2017 4:03pm

EBA Clearing sets up new task force for instant payment processing services

EBA Clearing, a provider of pan-European payment infrastructure, has established a new Instant Payment TaskForce to support the launch of a pan-European solution for instant payment processing.

By Verdict Staff

EBA Clearing, a provider of pan-European payment infrastructure, has established a new Instant Payment TaskForce to support the launch of a pan-European solution for instant payment processing.

Additionally, the company is planning to launch Europe-wide instant payment processing services to payment service providers (PSPs) in the infrastructure layer by 2018.

The task force, which was formed by the EBA Clearing board last month, aims to work on a roadmap and blueprint for the required deliverables.

The task force includes around 20 experts from EBA Clearing user institutions.

The move is in response to a call for action by the Euro Retail Payments Board (ERPB), which has expressed a need for at least one pan-European instant payment solution for EUR open to any PSP in the European Union.

Moreover, EBA Clearing aims to provide its users with these initial deliveries in due course to ensure that PSPs can take this planning into consideration during 2016 budget planning.

EBA Clearing chairman Erkki Poutiainen said: "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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