EBA CLEARING reveals specifications for pan-European payment solution

This initial set of detailed documentation, which covers the functional description and the interface specifications, will support future users in their preparations for the connection to this new solution. All payment service providers (PSPs) interested to prepare for joining this service can request access to the documentation via the EBA CLEARING website.

The objective of the Company’s instant payment project is to deliver a liquidity-efficient pan-European instant payment service, compliant with the SCT Inst Scheme of the European Payments Council (EPC) and in line with the user requirements defined by a large group of interested stakeholders.

This first set of specifications for the Company’s new service has been completed by EBA CLEARING in co-operation with the future users that have committed to funding the development and implementation of the solution.

The design of this pan-European service will be further enriched in the coming months when the final version of the EPC SCT Inst Scheme Rulebook becomes available.

EBA CLEARING’s new infrastructure platform will provide a real-time payment processing facility, which will be available around-the-clock on any day of the year. PSPs from all over Europe will be able to use this solution for any payment product that will be compliant with the instant payment scheme being developed by the European Payments Council and in line with the global messaging standards for instant payments (ISO 20022).