Payments industry body to implement instant payments in euros ‘by 2017’
ECB calls on payments industry to have system running by November 2017
The European Retail Payments Board has requested a plan to implement pan-European instant payments in euro by November 2017, the European Central Bank (ECB) said on November 27.
The board, chaired by the ECB, has asked the European Payments Council, a body representing payment service providers in Europe, to "develop" the scheme by November 2016 and "implement" it in November 2017. The new scheme will be based on the existing single euro payments area (Sepa) credit transfer system, the ECB says
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