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The legislative proposal on Instant Payments (SCT Inst) by the European Commission (EC) is set to have considerable impact on Payment Services Providers (PSPs), as outlined in our previous blog. One effect of this legislative proposal will be to make the IBAN/Name check mandatory in order to reduce fraud in instant payments. Under the pro...
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In our previous blog about instant payments, we introduced the recent legislative proposal by the European Commission (EC) on mandating instant payments for all payment service providers (PSPs) across the SEPA area, and outlined its implications for PSPs.In this blog, we aim to provide key insights into the impact of implementing SEPA ins...
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Since the SEPA Instant Credit Transfer (SCT Inst) scheme became effective in November 2017, it has seen great success in some countries. For example, major PSPs in the Netherlands collectively introduced instant payments in 2019 and they have positioned it as ‘the new normal’. This means that all consumer-to-business (C2B) and peer-to-pee...
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