With only a few days left to participate in the Instant Credit Transfer ( Inst) scheme’s public consultation - which will close on 10 July - stakeholders in the process of submitting their comments might be interested in the perspective of one player of the clearing and settlement mechanisms (CSM) area, Equens. The CSM layer, a critical element to make pan-European instant credit transfers possible, is left out of the proposed ’s scheme rulebook, as it is not in the scope of the . Learning about one of the CSM’s plans to make Inst transactions live in November 2017 will therefore be of interest for all stakeholders.
In this Blog, Michael Steinbach, Chief Executive Officer of Equens, shares his thoughts about the key success factors of the Inst scheme, the challenges it raises, and the potential impact it could have on the CSM industry. He also provides information about the suggestions to the proposed rulebook that Equens will submit, and about how Equens would like the scheme to evolve in the long run.
This Blog closes the series of interviews about the Inst that the conducted with key stakeholders, which are available in the below links.
The proposed Inst scheme is the first in the world to be interoperable in a region as large as and is a response to European customer needs for faster payments. It will be a turning point in making pan-European instant credit transfers in euro a reality.
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