Frankfurt launched the inaugural Pan-European instant payment forum this week, where the payments industry will be discussing the introduction of an instant payment scheme across Europe.
The first instant payment forum meeting took place yesterday and the discussions will continue in Amsterdam on the 12th May.
Some 77 representatives from 55 payment service providers, technology suppliers and other stakeholders such as Lloyds and JP Morgan in the payments industry attended yesterday’s talk to contribute to the upcoming instant payment scheme discussions.
The companies discussed service providers’ expectations of the European Central Bank and the Euro Retail Payments Board. The ERPB aims to create a more competitive market within the instant payments sector by inviting suppliers to the forum. The ECB’s vision for more competition is being assessed by the ERPB by declaring the need for at least one pan-European instant payment solution for the EU open to any payment service provider in the European Union. The fundamental approaches concerning the development of any pan-European solution were also called into question.
These discussions, which will continue in Amsterdam on the 12th May, could lead to serious decision making regarding the future of instant payments, potentially achieving an open and competitive market for instant payments in Europe.
The event is being held by the Euro Banking Association, a pan-European association of payment service providers and suppliers with a focus on payments and operations.
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