A Pan-European Request to Pay Taskforce
Today the EBA has announced a new Task Force to focus on the Request to Pay (RTP) service .
RTP is a new payment initiative for businesses and individual consumers. RTP has potential benefits over card and SEPA Direct Debit, reducing fees the risk of fraud and reject/chargebacks.
With RTP a creditor will initiate a request for payment through a secure messaging service, similar to e-mail. The payer receives the request and can decide to:
- Pay in full.
- Make a part payment.
- Request additional time to make the payment.
- decline the payment.
The actual payments will be processed via Open Banking.
The EBA in launching their Task Force will look to fully flesh out how RTP will work across Europe:
“EBA CLEARING announced today the kick-off of a Request to Pay Task Force to support the development of a pan-European Request to Pay (R2P) solution. The first objective of this task force is to work on a blueprint, which shall serve as a planning framework for the implementation of an R2P solution. The blueprint is expected to be delivered in the first half of 2019.
Request to Pay is considered as a key element in an evolving payments landscape shaped by developments such as Open Banking and real-time payments. Request to Pay solutions are aimed at further increasing certainty, transparency and convenience when making and receiving payments. The Euro Retail Payments Board (ERPB) has referred to Request to Pay in the context of electronic invoice presentment and payment, where it is seen as a means to speed up the end-to-end process and ease reconciliation processes in particular. In its development of a blueprint for an R2P solution, the EBA CLEARING task force will consider the many different use cases where a Request to Pay can add value to both payer and payee.
See more here.