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ESBG supports efforts to increase uptake of instant payments

ESBG supports efforts to increase uptake of instant payments

<<<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 payment solutions.

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.