EBA CLEARING's instant payment activities

In November 2017, EBA CLEARING launched RT1, an infrastructure solution for the processing of instant SEPA credit transfers at a pan-European level. The payment system operates around the clock on any day of the year. It supports payment service providers in transferring euro transactions between payment accounts in less than 10 seconds end to end, with immediate availability of the payment amount to the beneficiary.

Financial institutions from all over Europe can use RT1 for any payment product in euro that is fully compliant with the SCT Inst Scheme of the European Payments Council (EPC) and is in line with the ISO 20022 global messaging standards for real-time payments.

Key benefits of the service

  • Designed to build pan-European reach

  • Open to any Scheme-adhering PSP

  • Robust and resilient infrastructure platform

  • 24/7 non-stop service

  • Comprehensive risk controls to mitigate settlement risks

  • Future-proof in terms of scalability and flexibility

  • Compliant with the EPC SCT Inst Scheme

  • Use case-agnostic design

  • End-to-end processing within less than 5 seconds

  • Full settlement certainty also during TARGET2 closing hours

  • Liquidity-efficient arrangements

Interview: Facilitating SCT Inst migration

In the above excerpts from a Finextra interview, EBA CLEARING CEO Hays Littlejohn explains how the system supports aggregators and other AS-PSPs in migrating to SCT Inst. The pan-European instant payment system welcomed six new participants in July 2018 – including LBBW and Helaba, which connected the German savings bank sector to the platform.