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The Single Euro Payments Area (SEPA) is a payment integration initiative of the European Union for simplification of bank transfers denominated in euros.As of 2020, there were 36 members in SEPA, [2] consisting of the 27 member states of the European Union, the four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland), and the United Kingdom.
Payments as a service (PaaS) is a marketing phrase used to describe software as a service to connect a group of international payment systems.The architecture is represented by a layer – or overlay – that resides on top of these disparate systems and provides for two-way communications between the payment system and the PaaS.
RT1 is a pan-European instant payment system that provides the European payments industry with a pan-European infrastructure platform for real-time payments in euro under the SEPA Instant Credit Transfer scheme. Launched on 21 November 2017, the RT1 fast payment system allows commercial banks to offer fast payments through this system to their ...
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The SEPA (Single Euro Payments Area) API Access Scheme initiative was launched by the ERPB (Euro Retail Payment Board), a strategic advisory body at the European Central Bank. [25] The initiative was described in two reports, the first was published on 31 May 2019, [ 26 ] and the second was published on 4 June 2021. [ 27 ]
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Instant payment (sometimes referred to as real-time payment or faster payment) is a method of electronic funds transfer, allowing for almost immediate transfer of money between bank accounts.
A pan-European automated clearing house (PE-ACH) is a clearing house that is able to settle SEPA compliant credit transfers and direct debits across the Eurozone. At present there is only one PE-ACH in operation – STEP2 – which was established by the Euro Banking Association in April 2003. STEP2 reaches all corners of SEPA, processing over ...