Instant payments: Forcing a breakthrough in European market integration?
Ongoing digitalisation has amplified the importance of electronic payments for the functioning of the European economy. In response, the European Commission has stepped-up its ambitions to create an integrated payment system and increasing the autonomy of existing means of payments.
Real time electronic payments, also known as instant payments, play a pivotal role in creating the desired homegrown pan-European integrated payment system for both online and point-of-sale payments. The European Commission is supported by various other public and private organisations, including the European Central Bank (ECB) and the various European banks collected in the European Payments Initiative (EPI).
Nevertheless, instant payments only accounted for about 7% of credit transfers in the first half of 2020. Both the European Commission and ECB have since taken several measures to reach full acceptance of instant payments by the end of this year.
During this CEPS-ECRI webinar, key stakeholders involved in the payments sector will discuss the latest developments and various measures taken concerning instant payments.
SPEAKERS
- Audrius Pranckevicius, DG FISMA
- Paul Thomalla, Finastra
- Elie Beyrouthy, American Express
- Olivier Denecker, McKinsey & Company
Moderated by Inna Oliinyk, CEPS
