Spain-based financial institution CaixaBank has partnered with EPC-approved European Clearing & Settlement Mechanism (CSM) Iberpay to introduce the SEPA Request-to-Pay (SRTP) service in Europe, according to WebWire.
With their recent approval certificates from the EPC, CaixaBank and Iberpay announced intention to influence the European payments landscape. As of 22 June 2023, their payment technology platforms are ready to provide the SEPA Request-to-Pay service, offering improved online transactions. CaixaBank, reportedly being the first bank in Europe to obtain the EPC's Request-to-Pay approval certificate, is preparing to unveil the inaugural commercial service, allowing companies to manage customers' unpaid bills through Request-to-Pay messaging.
Request-to-Pay supposedly introduces a new dimension to payment systems, enabling companies and individuals to initiate instant payment requests from their customers or counterparts digitally and without hassle. This innovative ‘pull’ payment method complements the existing ‘push’ payment framework, where the payer initiates the transaction. The Spanish banking sector has been active in the adoption of this new European standard and collaborating with Iberpay to obtain certification, with plans to integrate the technology into their services in the coming months. This collective effort will reportedly foster widespread adoption of the new functionality and pave the way for the development of additional instant and digital payment solutions.
CaixaBank has already executed the first transaction under the SEPA instant credit transfer scheme. With over 20 million clients, an extensive branch and ATM network, and a strong digital banking presence, CaixaBank strives to meet the evolving demands of its customers and bridge the gap between financial products and citizens.
Meanwhile, Iberpay manages the payment system SNCE, an interbank infrastructure connecting nearly all Spanish banks for processing and settling account-to-account payments within the SEPA area. In 2022 alone, Iberpay processed 2.78 billion transactions worth EUR 2.51 trillion, including daily peaks of over 28 million transactions valued close to EUR 20 billion. Notably, half of all credit transfers processed by Iberpay are already instant transfers, supposedly exemplifying their commitment to improving payment efficiency.
As CaixaBank and Iberpay announce the introduction of SEPA Request-to-Pay in Europe, the stage is set for a transformative shift in payment systems. By embracing this innovative solution, businesses and individuals can reportedly expect faster, more secure, and streamlined payment experiences, marking a significant milestone in the evolution of digital finance, WebWire concludes.
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