In a world where messages can be sent instantly to anyone anywhere, it should be possible to move money as freely and as quickly. Instant payments are set to drive the most significant transformation in the global payments landscape since the introduction of today’s electronic payment mechanisms.
FinTechs like Centtrip have joined the wider efforts by institutions such as central banks and governments in Europe and beyond to make the financial light speed a reality across the industry, including for payments.
In June 2017, the Eurosystem introduced a new service to increase the speed of Euro payments across the European Union from one business day currently to real time, around the clock. The European Central Bank (ECB) also developed a new service, TARGET instant payment settlement (TIPS), to help citizens and firms make instant retail payments and money transfers across Europe. In November, pan-European payment infrastructure solutions specialist EBA CLEARING launched another around-the-clock payment system that allows for instant Euro-denominated payments across Europe.
Read the article in full: InstaPay