Instant Payments – these are payments around the clock and within a maximum of ten seconds. Available since 2017, the share of real-time transfers is still very low, however. A legislative proposal from the EU Commission wants to change that: EU payment service providers that offer transfers in euros will be required to enable them as instant payments from 2024. PASSmultiPay will make financial institutions ready for real-time transfers.
Payments are in a state of flux, becoming increasingly competitive, complex and global. The PASSmultiPay payment engine enables standardized processes in the areas of instant payments and T2, as well as SWIFT and SEPA in the future. Thanks to its open architecture, it can be seamlessly integrated into existing application structures (core banking system as well as AML and disposition modules) via a RESTful API.
Instant Payments are becoming a must
Those who have not yet introduced instant payments should hurry - because there will be no way around them from 2024 onwards. The EU Commission's legislative initiative not only envisages making the provision of real-time transfers mandatory, but also imposing a fee cap: Instant payments may then no longer incur higher costs than SEPA transfers. Other requirements relate to fraud prevention and sanctions.
Detailed information about PASSmultiPay can be found on our product page.