Instant payments connectivity on the cloud 2023 | Finextra | 4 April 2023 | Online

Against the backdrop of the Eurozone preparing rules to make SEPA-instant a mandatory part of the EU payments infrastructure, there has been an increased interest in cloud-based payments-as-a-service solutions for transactions between banks and clearing houses.

At the end of 2021 only 11% of euro credit transfers took the form of instant payments. Many financial institutions have already built up their own payments instructions in-house, but struggle to bring this product to market through the current methods.

Outsourcing elements of payments infrastructure to qualified experts by banks has seen a marked increase in efforts to inch closer to an instant payments offering. According to a study conducted by PPI AG and ibi, 73% financial institutions in Germany have already outsourced part of their payments transactions to external partners, and more than half plan further outsourcing in the next five years. Clearing on the cloud offers an alternative avenue for financial institutions to meet the SEPA requirements and strive for instant payments, while keeping costs low and allowing banks to outsource connectivity while focusing on business agility in their own systems. As a result of this pressure, cloud-based payments-as-a-service gateways hold sizeable market appeal.

2023 Speakers

MODERATOR:

Gary Wright
Head of Research, Finextra

SPEAKER:

Daragh Kirby
Head of Sales & Marketing, Intercope

Brother Schumann
Head of Product Management, PPI AG