equensWorldline has introduced a new service to facilitate interoperability of mobile person-to-person (P2P) payments across Europe.
The aim is to address Europe’s fragmented P2P payment landscape, with every country having its own domestic solutions.
In order to make cross-border P2P payments, users currently must share payment data including IBAN manually.
This makes the process vulnerable to errors and inconvenient for users.
The new SEPA Proxy Lookup (SPL) service phases out the requirement for manual sharing of payment data.
Instead, it enables data exchange for P2P payments by connecting a mobile phone number to an IBAN.
Furthermore, equensWorldline said that its system is ready to be used.
According to the vendor, its service may eventually add support for more aliases. These may include e-mail addresses, merchant payments (B2C), and value-added services.
Mobile Proxy Forum, a working group, has chosen equensWorldline as the preferred SPL service provider for pan-European P2P payment interoperability.
equensWorldline CEO Michael Steinbach said: “Even with SEPA, we still see a fragmentation of the P2P payment solutions market in Europe. Each country has or is developing its own domestic solutions.
“Therefore, it is becoming increasingly important to create a user-friendly pan-European payment ecosystem, in which cross-border payments are just as smooth as domestic payments.
“By enhancing the user experience for mobile initiated credit transfers, the SPL service will play an important role in the success of the new Payment Initiation Services based on PSD2 and Instant Payment Services.”