Implemented domestic instant payment schemes have proven to be a success in countries such as the United Kingdom, Japan, Poland, Sweden, Denmark, Singapore and Mexico. In the Netherlands seven Dutch banks Seven Dutch banks started to introduce instant payments using our CSM (Clearing and Settlement Mechanism) system in 2019. Due to the large-scale launch of real-time payments in the Netherlands, equensWorldline has become the biggest processor of instant payments in the Eurozone, handling millions of instant payment transactions per week.
In order to benefit from this advanced technology, banks need to update their systems, because the whole payments chain needs to support the instantaneousness of payments. To achieve this, it is necessary to modernise the payment industry in line with the rest of the digital world and this comes with the need for big investments.
During Sibos 2019, we will publish blogs about Instant Payments based on the latest insights and recent developments. Subscribe to our newsletter and we will keep you up-to-date during Sibos.
blog article | 23 september 2019
SIBOS 2019 day 1: New challenges due to Open Banking and the benefits of Instant Payments
The first day of Sibos showed that stakeholders in the market have embraced the importance of APIs.
APIs play a crucial role in enabling customer data to third parties in the age of Open Banking. This means that APIs are no longer seen as a difficult technical matter, but as a crucial building block for the future.
Mallekoote on the Dutch implementation of instant payments: ‘The commitment of the banks was crucial’
Six months after the moment that seven banks in the Netherlands switched to instant payments, this payment method is fully operational. CEO Piet Mallekoote of the Dutch Payments Association talks about the challenges and learnings of this large-scale implementation.
‘Development of instant payments is supporting a progressive integration of European payment structures’
The impact of PSD2 and Open Banking is not yet as striking as Jean Clavel expected years ago. “Impact at scale is taking more time than we thought”, says the Managing Director & Partner of The Boston Consulting Group (BCG) about new developments driven by PSD2.
Sibos 2018 took place in Sydney between 22 & 25 October 2018. We created a special series of Sibos-related blogs around the topics Instant Payments, Open Banking and Future developments based on presentations and panel discussions that took place during Sibos 2018.
During Sibos, we will report on numerous sessions and panel discussions, in order to share the latest insights with everyone who's interested in what's happening at Sibos. You can receive these reports - straight from London - automatically by subscribing to our online newsletter.