EBA Clearing, a provider of European payment infrastructure solutions, is laying the groundwork for a Europe-wide instant payments processing service. EBA last week convened a 20-member task force that will work on a road map to establishing the instant processing service by 2018. The initiative is a response to a call to action issued late last year by the Euro Retail Payments Board (ERPB) with the goal of spurring development of instant payment solutions that can work across national borders within the Single Euro Payments Area (SEPA).
EBA Chairman Erkki Poutiainen said the organization already had begun evaluating a pan-SEPA instant payment initiative in the summer of 2014, but fast-tracked the plan in the wake of the ERPB’s call to action. EBA plans to develop “one or more suitable solutions” by the middle of this year.
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