The Clearing House (TCH) in the U.S. launched Real-time Payments (RTP) in November 2017, a system that supports the sending and receiving of credit transfers, remittances, and non-transactional advices in real time. The RTP system uses technology supplied by MasterCard-owned VocaLink. It was designed and built via the collaborative effort of TCH’s 25 owner banks and adheres to the objectives of the US Federal Reserve (Fed) Faster Payments Task Force.

Australia’s NPP went live in February 2018. Built by the RBA, participating banks charge a nominal fee per payment transaction, which is the revenue source for the system. Not all of Australia’s banks were involved in the launch, with some including Bank of Queensland, Suncorp, and Rabobank adopting a wait and see approach.

EBA CLEARING’s pan-European instant payment system, RT1, went live on 20 November 2017. In the first three months of operations it processed more than 500,000 transactions. Its launched coincided with that of the EPC’s SEPA Instant Credit Transfer (SCT Inst) Scheme. RT1 provides payment service providers in SEPA with a real-time payment processing facility operating 365X24X7. The service is open to any account-servicing payment provider (AS-PSP) adhering to the EPC SCT Inst Scheme. Further, the TARGET Instant Payment Settlement (TIPS), which is expected to go live in November 2018, will provide SCT Inst with an underlying settlement infrastructure.

Nearly 600 PSPs from countries including Austria, Estonia, Germany, Italy, Latvia, Lithuania, the Netherlands, and Spain are offering instant payment solutions on SCT Inst. The geographical scope of SCT Inst will progressively span over 34 European countries. Other countries expected to join the scheme in 2018 and 2019 include Belgium, Finland, Germany, Malta, the Netherlands, Portugal, and Sweden.

Hong Kong’s Faster Payments System (FPS) is expected to go live in September 2018. The system will leverage the enterprise messaging and gateway solution from SWIFT. Malaysia ‘s Real-Time Retail Payments Platform (RPP) is also expected to go live in the later part of 2018. PayNet is in discussion with Thailand and Singapore to link their payments network. It is proposed that Instant Credits, Request-to-Pay for e-commerce, and person-to-person (P2P) Payments with Proxy Address Resolution will be launched in 2018.

In Finland, Siirto, which was launched in March 2017, is a real-time multi-banking mobile platform developed by Tieto and participating banks with an aim to digitize the infrastructure and provide real-time payments to Finland. The platform, which is operated by Automatia, follows open payments regulations such as PSD2. Four banks, including Nordea, have launched Siirto services. Canada also has plans to go live on an instant payments system by the end of 2019.

Digital-world consumers expect banks to securely step up their technology game


Traditional banks must evaluate their place within the payments ecosystem and be open to partnering with FinTechs and third-party developers to drive value collaboratively.

Collaborative Payments Ecosystem Boosts Customer Centricity


Structural changes are spurring payments industry participants to evaluate the future of the business as well as their role in the months and years ahead.

New payments ecosystem key enablers


The Payment Services Directive 2 or PSD2 has been in full force for more than six months, and its impact is being felt not just in the European Union, but across the globe – with several markets, such as Singapore, Australia, and Nigeria, as well as Hong Kong announcing open banking initiatives inspired by the PSD2


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