I want it and I want it now! An initial approach to the Spanish instant payments solution

Abstract

Immediacy has become the norm. It is therefore essential that the provision of payment services recognises this reality. Payment service users are increasingly demanding new functionalities alongside improved and faster payment services. As new players arrive on the scene, numerous initiatives are flourishing in an attempt to meet these expectations. Traditional payment services providers face an important challenge, but a wait-and-see attitude is not the answer. This paper describes the basic features of the Spanish instant payments initiative launched in 2016 to respond to this need. It reviews the origins and objectives of this cooperative solution led by the banking industry, the possible use cases and the timetable for its implementation. It also sheds some light on the various stakeholders involved, the key issues and challenges in the development of the initiative, and the foreseen potential benefits.