Instant Payments Summit: SEPA Payment Account Access (SPAA)

Bottomline is delighted to be supporting this event, which brings together the top Instant Payments schemes – ECB’s TIPS, EPC’s SCT Inst, and EBA CLEARINGS’S RT1 – on a united platform, driving momentum for instant payments implementation.

In Europe, the use of instant payments has risen from 5.2% of all credit transfers in October 2019 to 17.8% in February this year, according to the European Central Bank. However, with the European Payment Councils SEPA Inst mandate coming into force this is set to change dramatically. In essence, the regulation aims to provide the necessary standardised rules for cross-border instant euro credit transfers at Union level to increase the overall uptake of instant credit transfers in the euro.

To accomplish this, PSPs are required to implement four main pillars i) obligation to send and receive instant payment in euro, ii) at the same price than non-instant payments in euro, iii) put in place services to verify the identity of the recipient, and iv) to verify whether any of their clients are subject to sanctions or other restrictive measures.

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