The test phase is meant to pave the way for the roll-out of euro instant payment products to customers across Europe. The banking company is among the first banks that prepare to make real-time payments available to customers in the Single Euro Payments Area (SEPA) on the launch date of the European Payments Council’s SEPA Instant Credit Transfer Scheme, according to the press release.
Starting from November 2017, account-servicing payment service providers (ASPSPs) from across SEPA will be able to use this euro payments solution that will comply with the European Payments Council’s SCT Inst Scheme and in line with the ISO 20022 global messaging standards for real-time payments.
Customers in Italy and Germany will be the first to use this new payment method, starting from November 2017. Currently, close to 30 financial institutions are planning to connect to RT1 in November while another 70 banks are preparing to join in 2018.
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