ECB hosts instant payment debate and #TIPSapp Challenge
To help create awareness about instant payments (IP), the European Central Bank (ECB) is today hosting a one-day conference at its Frankfurt offices in Germany and running a #TIPSapp challenge inviting vendors to present mobile apps for the initiation and processing of IP on its Target Instant Payment Settlement (TIPS) SCT Inst-compliant platform.
The ECB’s TIPS platform is due to go live in November 2018 offering European payment service providers (PSPs) an alternative means to adhere to the single euro payments area (SEPA) instant credit transfer (SCT Inst) voluntary scheme that has yet to reach ubiquity.
In its promotion for today’s event the ECB admits that: “TIPS, or any other market infrastructure, will not be enough to ensure that the citizens of Europe start using instant payments. Apps that can easily initiate instant payments will also be needed”. Hence, why it is running its #TIPSapp Challenge today in Frankfurt, Germany.
More than 10 vendors, including equensWorldline SE, SIA and VocaLink, have taken up the challenge and begun pitching their prototype app solutions this morning to a crowd consisting of EU banks, national central banks, financial market infrastructure (FMI) providers, and industry associations.
You can see the full details about the #TIPSapp Challenge & Conference by clicking on the highlighted text. The surrounding one-day conference, running 9am-4pm, started with an opening speech by Marc Bayle de Jessé, of the ECB’s Directorate General for Market Infrastructure & Payments. Other speakers included Javier Santamaría, chair of the EPC (European Payments Council) and Beatriz Kissler of Caixa Bank, plus Francis De Roeck of BNP Paribas, among others.