Instant Payments


Implemented domestic instant payment schemes have proven to be a success in countries such as the United Kingdom, Japan, Poland, Sweden, Denmark, Singapore and Mexico. In the Netherlands seven Dutch banks Seven Dutch banks started to introduce instant payments using our CSM (Clearing and Settlement Mechanism) system in 2019. Due to the large-scale launch of real-time payments in the Netherlands, Worldline has become the biggest processor of instant payments in the Eurozone, handling millions of instant payment transactions per week.

In order to benefit from this advanced technology, banks need to update their systems, because the whole payments chain needs to support the instantaneousness of payments. To achieve this, it is necessary to modernise the payment industry in line with the rest of the digital world and this comes with the need for big investments.

Do we need regulation to speed up the development of an interoperable cross-border Instant Payments network?

Looking at the development and availability of cross-border IP for European consumers and businesses, there is plenty of room for improvement. Global Head of Transaction Services ING  talked about his vision on the development of an interoperable cross-border IP network.
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Wrap-up Sibos: Instant Payments is here to stay and banks need to act quickly

The annual banking and financial conference is growing every year. This is no surprise as the future of the payments world is extremely dynamic and this makes it so exciting. To manage these dynamics, collaboration is a key topic for the coming years. Collaboration among banks, with fintechs and bigtechs. 
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The positive vibe around Instant Payments

Instant payments (IP) are becoming the new normal. It appears that across the world people are convinced about the value of this payment method. During the session ‘Are my payments operators ready for a real-time 24/7 world?’, an overwhelming majority responded that their payments operators already are or soon will be ready for this payment method.  
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SIBOS 2019 day 1: New challenges due to Open Banking and the benefits of Instant Payments

The first day of Sibos showed that stakeholders in the market have embraced the importance of APIs.  
APIs play a crucial role in enabling customer data to third parties in the age of Open Banking. This means that APIs are no longer seen as a difficult technical matter, but as a crucial building block for the future. 
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Mallekoote on the Dutch implementation of instant payments: ‘The commitment of the banks was crucial’

Six months after the moment that seven banks in the Netherlands switched to instant payments, this payment method is fully operational. CEO Piet Mallekoote of the Dutch Payments Association talks about the challenges and learnings of this large-scale implementation.
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‘Development of instant payments is supporting a progressive integration of European payment structures’

The impact of PSD2 and Open Banking is not yet as striking as Jean Clavel expected years ago. “Impact at scale is taking more time than we thought”, says the Managing Director & Partner of The Boston Consulting Group (BCG) about new developments driven by PSD2. 
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Instant Payments | Sibos 2018-related blogs

Sibos 2018 took place in Sydney between 22 & 25 October 2018. We created a special series of Sibos-related blogs around the topics Instant Payments, Open Banking and Future developments based on presentations and panel discussions that took place during Sibos 2018.
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