UK Firm Completes Testing of EBA Instant Payments Platform Ahead of November Launch
Dovetail, a financial payments and liquidity management firm with offices in London, the US, Canada and Ireland, has announced that it has successfully completed business level flow testing with the EBA Clearing Pan-European instant payment infrastructure platform.
Dovetail completed the testing in partnership with European bank Intesa Sanpaolo, making it the first vendor to have a fully tested solution ready to roll out when the EBA Clearing system goes live in November of this year.
The EBA clearing system complies with the Single Euro Payments Area (SEPA) Credit Transfer Instant scheme of the European Payments Council, and will provide a real-time payment processing facility, available around the clock on any day of the year.
Nearly 40 financial institutions across SEPA have signed up support and fund the development and implementation of the pan-European instant payments platform, and will play an instrumental role in shaping “the system design, functionality and interface specifications” of the platform, says EBA.
Dovetail’s CEO Martin Coen commented:
“We continue to expand our support for real-time schemes worldwide as markets and our customers require. Our range of solutions can be deployed alongside existing payment systems, as a Smart Gateway Solution, or provide complete payment processing as a Payment Solution - supporting one or more schemes globally”
“Being the first in adding SCT Inst to the growing list of real-time payment schemes we support, demonstrates Dovetail's readiness to provide banks across Europe with leading edge best-in-class solutions that deliver a critical market advantage – now and into the future."
EBA Clearing say that the service is being designed to comply with global messaging standards for instant payments (ISO 20022) as well as being fully compliant with the European Payments Council’s SCTInst Scheme.
EBA Clearing itself provides pan-European payment infrastructure solutions. The organization was founded in 1998 and is joint owned by 53 of the major banks operating in Europe.
The organization already manages large-value payment system EURO1, STEP1, a payment service for commercial transactions, and STEP2, a Europe-wide payment platform for mass payments in Euros, which allows financial institutions across the continent to process credit transfers and direct debits in Euros. More than 4,800 financial firms across SEPA are reachable via STEP 2.
The Money Cloud View
The plethora of instant payment solutions being developed across Europe just goes to show how valuable it is to banks and financial services companies to be able to transfer money overseas quickly and efficiently.
In some places, it still takes 4 days to move money from one country to another, which simply isn’t satisfactory. We welcome these kinds of services and look forward to seeing the service go live in November. Soon, money transfer agencies that charge unnecessary fees, and are slow to transfer money on behalf of their clients will run out of excuses.