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Successful go-live for EBA CLEARING’s instant payment system RT1

EBA CLEARING today confirmed that instant payment system RT1 went live this morning. 17 banks from eight countries connected to RT1 today, extending SCT Inst reach to 500+ PSPs across SEPA.
Press Release

IBERPAY ready to connect Spanish banks to EBA CLEARING’s RT1 system for SCT Inst processing

IBERPAY and EBA CLEARING announced today that the Spanish retail payment system is ready to provide Europe-wide instant payment connectivity to Spanish banks with the support of IBERPAY’s CICLOM platform and EBA CLEARING’s RT1 system.
Press release

Discover all the latest news and updates about EBA CLEARING's instant payment service

EBA CLEARING's instant payment activities

In co-operation with financial institutions from all over Europe, EBA CLEARING has delivered RT1, an infrastructure solution for the processing of instant SEPA credit transfers at a pan-European level. The new payment system is operating 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.

Since November 2017, financial institutions from all over Europe have been able to use RT1 for any payment product in euro that is fully compliant with the SCT Inst Scheme of the European Payments Council (EPC) and in line with the ISO 20022 global messaging standards for real-time payments.

The pan-European instant payment service of EBA CLEARING went live on the launch date of the SCT Inst Scheme.

Act now on instant payments

In this video, Erwin Kulk, Head of Services Development and Management at EBA CLEARING, and Barry Kislingbury, Director, Solution Consulting, Immediate Payments, ACI Worldwide, discuss the importance of ubiquity for instant payments in Europe, the role of service providers in helping achieve reach and sharing their experiences of real-time payments implementations globally, and the reasons for banks not to wait to get real-time ready.

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