pan european payment

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.


Comparison tool

Sending Currency
Buying Currency
Send USD Receive

Latest Articles

Pryjin Prakash

I was looking to compare alternatives to get the best exchange rate - You provided exactly what I was looking for.


I am extremely impressed with the Investec currency exchange team service levels, they are fast and efficient. Excellent trading rates and straight talking, what more do you need.
Purchasing overseas property - satisfying your currency needs for payment


Moving overseas can be daunting, with many unexpected aspects to your move you might not have considered. We cover all the financial basics of moving abroad, from the expenses to consider to the most cost-efficient ways to transfer your bank accounts and financial assets to your new home.

International payments - overseas money transfers


As a business, making global payments involves many risks, including exchange rate risk. If you are making regular transfers the cumulative costs due volatile exchange rates can be excessive. We can empower you to make International Payments cheaper and easier for your business.

Market Insights

Sign up for our newsletter.

Thank You for subscribing to our Newsletter

You have successfully signed up to our Newsletter