Instant Payments: Soon to be mandatory for banks!
By November 2021, all banks and payment service providers that have joined the SEPA instant payment procedure and that are connected to TARGET2 must also be accessible via the ECB’s real-time payment system TIPS. This means that from then on all banks that support instant payments today can also exchange real-time payments among each other.
Since the start of these services, EFiS has Instant Payments experience with TIPS and RT1 and offers customers who are not yet connected a connection to TIPS.
EFiS has developed two scenarios for this, depending on whether the banks only want to implement the most necessary or whether they want to actively use instant payments. Scenario 1 involves passive operation, i.e., the acceptance and processing as a recipient of instant transactions, including a corresponding test environment. Scenario 2 also covers active operation with real-time booking and scheduling.
The proposed set-up and procedure are geared towards making Instant Payments the “new normal” in the future and expanding the current SEPA processing.
If you are interested, we look forward to providing you an offer based on one of the two scenarios. Information on Instant Payments and TIPS can be obtained from: