French clearing and settlement agency Stet is to develop an instant payment platform for European Payment Service Providers (PSP).
Stet currently processes more than 15 billion transactions per year on behalf of the French and Belgian banking communities. The company says it is currently working on the creation of an instant payments platform for instruments in the Single Euro Payment Area (Sepa).
Stet says the platform will be offered initially to the French banking community as an early adopter but will be open to any PSP or PSP community all over Europe.
Fully compliant with the SCTinst scheme standards defined by the European central Bank's retail payments systems board, Stet says the technical infrastructure will also be offered on a white labelled basis to European communities wishing to retain a local governance.
The move comes just a week after EBA Clearing issued a Request for Proposal (RFP) for the delivery of a pan-European instant payment infrastructure within the next two years. EBA Clearing is looking to develop a pan-European service for instant payments in the clearing and settlement layer to payment service providers (PSPs) by 2018, after a pilot phase in 2017.