European Central Bank: Instant payments – is the European market ready?
The launch of the SCT Inst scheme in November 2017 will lay the groundwork for the use of harmonised instant payments throughout Europe. The Eurosystem has announced a new service for processing payments in central bank money within seconds across Europe: TARGET instant payment settlement (TIPS), to be launched in 2018. But is the market ready to offer instant payment solutions to customers in Europe?
We asked three representatives of the clearing industry to discuss how their business is getting ready to offer new services for the growing European instant payments market and the possible challenges they see.