Paul Alfing, Chair of the e-Payments Working Committee of Ecommerce Europe and participant in the ERPB meetings, explains: “The recommendations aim to ensure that merchants accepting electronic mandates adapt and offer at least one solution for accepting mandates from consumers from another Member State. The recommendations address various stakeholders and are expected to stimulate cross-border e-commerce and to expand the reach of online merchants in Europe.”, ecommerce-europe.eu cites.
The ERPB defines “instant payments” as electronic retail payment solutions available 24/7/365 that result in the immediate or close-to-immediate interbank clearing of the transaction and crediting of the consumer’s account with confirmation to the consumer (within seconds of payment initiation).
The Working Group of the ERPB on instant payments is still continuing its work, but one of the main conclusions has already been made: irrespective of the payment instrument on which they are based, instant payment solutions offered to end-users in EUR should be developed at the pan-European level, or, if developed at the national level, should at least be interoperable with those solutions based upon the same payment instrument.
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