The European Payments Council (EPC) has unveiled its Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) scheme. European payment service providers (PSPs) now have one year to get ready to process the first SCT Inst transactions in November 2017. Javier Santamaría, chair of the EPC, says the launch is a “new era in […]
Fintech start-up Railsbank has signed its first partner, Arkéa Banking Services (Credit Mutuel Arkéa’s subsidiary), to use its platform to deliver SEPA payment services and IBANs across Europe.
ACI Worldwide has been named by EBA Clearing as one of the “frontrunner service providers” for the pan-European EBA SEPA Instant Credit Transfer Scheme (SCT Inst), due to go live in November 2017. The scheme will enable consumers and businesses to make euro credit transfers in real-time between accounts across an international area that will […]
The single euro payments area is up and running and has proved to be a catalyst for change in the payments industry. We look at the story so far.
Allevo’s open source application, FinTP, is now SEPA (Single Euro Payments Area) compliant for EximBank (Export-Import Bank of Romania). The FinTP collaboration between state-owned EximBank and Allevo started one year ago, when the bank chose to implement the solution for low-value Euro payment instructions. EximBank now takes the partnership “one step further with the implementation of […]
The European Payments Council (EPC) has launched a public consultation on the Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) scheme. EPC says the proposed scheme is the “first in the world to be interoperable in a region as large as SEPA and is a response to European customer needs for faster payments”. […]
Virtual account management (VAM) holds great promise for corporates to centralise and reduce bank accounts. Banking Technology‘s payments expert, Heather McKenzie, explains. One of the promises of the single euro payments area (SEPA) was that it would enable more efficient cash management infrastructures for the euro. In a 2014 study, Economic analysis of SEPA, PWC predicted a […]
Swiftref, Swift’s global reference data utility, has delivered the IBAN/BIC reference platform for the UK community under the guidance of Payments UK. The project was initiated in early 2015, with Swift commissioned to design and build the platform. Swift says this new Single Euro Payments Area (SEPA) International Bank Account Number (IBAN) Only (Sepaio) central […]
As the SEPA deadline has come and gone, what will be built upon its advances towards digitisation and standardisation?
So after the protracted and ongoing rollout of SEPA, along comes further EU regulation in the guise of the second phase of the Payment Services Directive (PSD2) with further challenges to banks impacting the provision of one of the core banking services – namely payments