On 30 June 2015, the European Payments Council ( ) published the ‘ Report to the on Instant Payments’ (see ‘related files’ below). With this document, the contributed to the debate on instant payments at the Euro Retail Payments Board ( ) meeting on 29 June 2015 (see ‘related links’ below for more info about the ).
To give some background: the members agreed upon a definition for instant payments during the meeting on 1 December 2014 (see ‘related links’ below). The also identified the need for at least one pan-European instant payment solution for euro that is open to any payment service provider ( ) in the . The invited the supply side of the industry (in close cooperation with the demand side and with the active involvement of the as a potential scheme developer) to make an assessment of the issues related to pan-European instant payment solutions in euro to be presented at the meeting in June 2015.
Against this background, the submitted its report on instant payments for the June 2015 meeting. The entire contents of this report are based on ‘desktop’ research and discussions among the members only. This report must therefore be seen as a preliminary contribution from just one stakeholder.
The report highlights that the expectations of both payers and payees must be the starting point in developing an approach for instant payments in . This should form the basis for the discussion within the . The first action to undertake should be to understand what payers and payees actually expect from instant payments.
The report outlines the opportunities that instant payments may bring but also draws attention to specific issues. One issue the highlights to the is questioning which “go to market” scenario would be the most appropriate to reach the full potential of instant payments in . The roll-out of an instant payment solution supported by various will demand that these, along with payment infrastructure providers and corporate payment service users, all allocate substantial resources to and carefully internally plan their part in the roll-out. They should coordinate on a regular basis with each other as the implementation progresses.
At this stage, the is of the opinion that there may be a need for an instant payment scheme at level. With the current definition in mind and subject to the position and expectations of the other stakeholders from the supply and demand side, a majority within the consider that the credit transfer could be a suitable payment instrument, as a first step, for instant payments in . On the other hand, the points out that other payment instruments, notably electronic money and payment cards, are also suitable for instant payments. Certain existing instant payment solutions are based on these particular payment instruments.
In view of the benefits of broadening the discussion in an multi-stakeholder environment, the has recommended the establishing of an instant payments working group with the mission of analysing what the end-to-end requirements for pan-European instant payment scenarios would be.