Payment Transaction News

3rd Instant Payments Praxistag – Instant Payments is the future

The 3rd Instant Payments Praxistag continues the series of events with talks and discussions from practice. Instant Payments are becoming more and more concrete. The first applications arise. The door for Instant Payments is open and Prof. Dr. Jürgen Bott led the more than 100 participants in the Steigenberger Frankfurter Hof through the different facets of Instant Payments.

Mr. Uwe Klatt's keynote speech (Paymentgroup International) had a clear message: Instant Payments will change our world. The demands on speed and security are high and can only be met together.

TIPS (TARGET Instant Payment Settlement) is in the starting blocks and is ready, reported Holger Thiemann of the European Central Bank. TIPS will start operations punctually at the end of November. Settlement can take place with central bank money. It is thus an alternative to EBA Clearing's RT1 service.

Mr. Christian Schwinghammer (EFiS Swiss) showed the peppered map of Instant Payments initiatives. Even outside the euro zone, various approaches to instant payments are emerging around us. The art will be to connect them at the end. It remains to be seen whether this will take place via various clearers or via a bilateral exchange.

Mr. Ulrich Loof (DZ Bank) presented the Westhafen Expertendialog. The expert dialogue consists of corporates, banks and providers such as Paymentgroup International. The aim is to specify the interface between the beneficiary bank and the corporate so that the corporate can e.g. release the goods after receiving the Instant Payments. The Payment Notification Server from EFiS is the perfect solution for this.

Mr. Norbert Hambloch (STRABAG PFS) would like to use Instant Payments in Treasury. In principle, instant payments offer great advantages for managing cash. However, not all the prerequisites have yet been met. The main obstacles are the amount limit of € 15,000 and the fact that instant payments can currently only be made in euros.

During the break, the Instant Payments video from diSCIS was shown. It seems utopian at first, but we are laying the foundation for it with Instant Payments today. The video shows in an impressive way the possibilities offered by Instant Payments. Have a look at the video via the link above.

Mr. Hartmut Bremer (Deutsche Bank) showed where the journey is taking us. Instant payments will become the New Normal. New payment instruments such as "request to pay" are already being discussed. Perhaps an instant debit will come after all. In any case, the number of instant payments transactions will increase sharply.

Mr. Sadri Syla (Paymentgroup International) showed the possibilities of Instant Payments using a vending machine. The customer pays with Instant Payments using the app from his bank. He buys a coffee at a vending machine and it only takes a few seconds until the coffee is freshly prepared. It is cleared via RT1 of EBA Clearing and the messages have covered more than 1,000 km between Milan and Frankfurt. It's quite impressive.

In the concluding panel discussion Prof. Dr. Bott took up open points. The participants at the round table were: Ms Anke Brummack (Otto Group), Mr Norbert Hambloch (STRABAG PFS), Mr Christian Schwinghammer (EFiS Swiss) and Mr Sadri Syla (Paymentgroup International). Overall, Instant Payments is seen as the next generation payment instrument. But we are only at the beginning and Instant Payments has what it takes to create something completely new. Nobody can say what it looks like in detail today. Therefore, the excitement is growing and all participants are already looking forward to the next Instant Payment Praxistag, which may already show a more concrete picture.