EBA CLEARING announced today the kick-off of a Request to Pay Task Force to support the development of a pan-European Request to Pay (R2P) solution.
The first objective of this task force is to work on a blueprint, which shall serve as a planning framework for the implementation of an R2P solution. The blueprint is expected to be delivered in the first half of 2019.
The task force convened for the first time today and is composed of experts from 28 financial institutions from 14 countries. A list of the participating institutions can be found at the end of the press release.
Request to Pay is considered as a key element in an evolving payments landscape shaped by developments such as Open Banking and real-time payments. Request to Pay solutions are aimed at further increasing certainty, transparency and convenience when making and receiving payments. The Euro Retail Payments Board (ERPB) has referred to Request to Pay in the context of electronic invoice presentment and payment, where it is seen as a means to speed up the end-to-end process and ease reconciliation processes in particular. In its development of a blueprint for an R2P solution, the EBA CLEARING task force will consider the many different use cases where a Request to Pay can add value to both payer and payee.
“Request to Pay initiatives are emerging around the world and there is a growing demand for new and enhanced payment solutions that leverage existing payment infrastructures and instruments in SEPA as well. Against this background, EBA CLEARING has decided to contribute to the development of a pan-European R2P solution,” said Erwin Kulk, Head of Service Development and Management, EBA CLEARING.
“Together with our user representatives, we will be working on a blueprint, which will provide a basis for wider industry engagement and for defining the timing for the development and implementation of such a pan-European R2P solution.”