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Payments must evolve Instant payments for more innovation

Payments must evolve
Instant payments for more innovation


New competitors, such as FinTechs, also foresee payment innovation. Holders must travel to follow market demands. This includes instant payments, which already include in some European countries failing that.




Especially in payments the pace of innovation is clearly pick up. SEPA standards no longer apply. In SEPA, it took 15 years for was "the vision a reality." But now more and more FinTechs are coming on the market that show can function as new digital services.Sometimes they also show how quickly a FinTech A bank may be that in a few months can set up a new credit almost complete commercial offer flexible and modular new infrastructure and using other FinTechs.
Established Suppliers Should Keep to Step Innovation

In order to maintain the pace of progress, it is important for the incumbent not only their attractive digital services to present them, but also to develop new offers. And with it, a debate that would have rather pushed on the rear burner quickly. We talk about instant payments. The ERPB (Euro Board payments retail) addressed the issue of instant payments for the first time two years ago.

It involves non-monetary payments from now on equality, at any time. Payments to smartphone customers to dealers at the checkout, the Internet and between individuals. This is the idea of ​​instant payments. Who needs a lesson, can look for example in Denmark, Sweden or the United Kingdom. In Denmark, about an instant payment application is already installed on nine out of ten smartphones.
Instant Pay Challenge

And now it seems that we in the euro area from next year to make the first instant payments in euros. There is a rule book, there are banks that want to offer such payments and there are clearing houses that want to offer banks the settlement. As the interaction between these clearing houses to be organized, but has not yet been clarified.

But in the meantime - which is my impression - is all credit institutions have realized that they can not waste time to offer instant payments. Because the perceived real-time processing of a payment using an application and the immediate availability of money to the beneficiary would be a real asset in the portfolio in the banking sector.

Instant payments have long-term potential to change our payment habits. At first it may be only for retail payments, we send the other when we share the bill at the restaurant. The beginning would certainly be only a niche product, but that certainly stimulate the imagination of the users. I know that even trade in Germany think about how instant payments can be used for use at the checkout.
Instant payments in the euro area before the breakthrough

Even in the business sector, the question has become. So two years ago saw corporate treasurer no need to listen to very different reactions today. Payment directly to the delivery about, would in many cases, but not bad.

The debate has therefore broadened and accelerated. The initial concern of the banking industry, that there is a business case for instant payments, is less. In this context, I am optimistic that in a few years we will also get there in the euro zone, where our northern neighbors are already.

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