EBA CLEARING secures strong commitment for Q4/2017 launch of its pan-European instant payment platform

EBA CLEARING has announced today that close to 40 financial institutions operating across the Single Euro Payments Area 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 the fourth quarter of 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.”

“The truly pan-European character of our future infrastructure solution shows in the mere fact that the funding institutions cover the wider SEPA area,” said Hays Littlejohn, CEO of EBA CLEARING. “Many more PSPs have already expressed their interest in using our service. We plan to make available the specifications for connecting to the new infrastructure to all interested institutions and other stakeholders this summer. This should give all future users that plan to go live when the EPC scheme is launched sufficient time to be able to connect to our system from the start.”

The future infrastructure service by EBA CLEARING is planned to be in line with the global messaging standards for instant payments (ISO 20022) and to be fully compliant with the SCTInst Scheme that is currently being created by the European Payments Council.

The list of financial institutions that have committed to the funding of the panEuropean instant payment infrastructure solution of EBA CLEARING is available here: https://www.ebaclearing.eu/N=List_of_funding_banks.aspx

EBA CLEARING is a provider of pan-European payment infrastructure solutions. The Company was founded in 1998 and is owned by 53 of the major banks operating in Europe. EBA CLEARING manages the large-value payment system EURO1 as well as STEP1, a payment service for commercial transactions, and STEP2, a panEuropean payment infrastructure platform for mass payments in euro, providing full reach to all financial institutions across Europe processing credit transfers and direct debits in euro. More than 4,800 financial institutions in all SEPA countries are reachable via STEP2.

For additional information about EBA CLEARING, please visit www.ebaclearing.eu or follow us on www.twitter.com/ebaclearing or https://www.linkedin.com/company/eba-clearing.