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Request to pay: The missing piece of the puzzle
Journal of Digital Banking,
5
(3),
277-283
(2021)
Abstract
This paper describes and compares the new European Payments Council SEPA Request-To-Pay (EPC SRTP) scheme with the open banking-based payment initiation. The SRTP solution is not a new payment instrument but a full four-corner ‘authorisation messaging’ concept that still needs to be launched, whereas the open banking payment initiation by third parties is already possible, albeit still with a slow uptake on the continent. SRTP has powerful advantages on customer experience, but needs reach. Open banking payment initiation can already operate today on any bank, but the model has not been proven yet. Both solutions can challenge each other.
Keywords: request to pay; open banking; third party providers
The full article is available to subscribers to the journal.
Author's Biography
Francis De Roeck is Head of Industry Engagement for Payments for BNP Paribas Group — Global Cash Management and is responsible for the industry initiatives and payment regulations impacting global cash management. Before this he headed the Single Euro Payments Area (SEPA) offering for the BNPP Group. He has held a variety of senior managerial positions and was member of the board at AGF Belgium Bank. He is a payments and clearing expert and was involved in the SEPA process since the start. Francis is a member of various industry committees and represents BNP Paribas in several forums related to development of payments, e-payments and cash management, including the European Payments Council (EPC) and European Banking Association (EBAClearing). He is EPC Scheme Management Board member and member of the Request to Pay Multistakeholder Forum as well as of the Request-to-Pay workgroups at the EPC and EBA Clearing.
