<<<FULL RESPONSE TO THE PUBLIC CONSULTATION>>>
BRUSSELS, 6 July 2021 – ESBG submitted its response to
the European Commission’s (EC) public consultation on Instant Payments on 23 June.
The association representing over 800 savings and retail banks fully supports
efforts to increase the uptake of instant payments and shares the view that SCT
Inst scheme could facilitate stronger and more integrated homegrown pan-EU
ESBG invited the EC to foster an environment that
enables the uptake of instant payments, inter alia by favouring market-led
developments and limiting any eventual action to the building blocks needed for
widespread adoption of SCT Inst and the resolution of any hindering factors.
ESBG and its members are of the view that SCT Inst
should be considered the basis of new pan-European payment solutions and
further offers. Especially in the corporate segment, instant payments have huge
potential in terms of new business models that could attract new clients. In particular, there
is growing interest for the combination of SCT Inst with other payment schemes
(e.g., Request To Pay), which can result in innovative use cases for instant
payments. Any further action taken by the Commission should duly consider the
differences that exist between retail and corporate segments and the potential
unintended consequences of any new intervention.