The eurozone is all set to process instant payments on a massive scale. The ECB has reported that all clearinghouses in the eurozone are connected to TIPS. Instant payments are settled in the ECB’s system via TIPS. Recently, EBA Clearing announced that the 80th RT1 participant has become active. Instant payment payments are processed via RT1. Earlier this year, the EPC published that instant payments already had a market share of almost 11% of all SEPA Credit Transfers. And more than 99% of instant payments were fully processed within 5 seconds.
We can therefore also say that the eurozone is technically completely ready to process instant payments on a massive scale.
But it also says something that the EPC only compares instant payments with credit transfers and not with e-comm payments and/or card payments. While it is precisely there that there is enormous growth potential for instant payments. There is plenty of talk about embedded payment solutions, but those with instant payments are lagging. It would be good that the banks come up with initiatives before the announced new EU regulations come into force.
Instant payments are a too good product not to be widely marketed
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