Italian banking group UniCredit has begun the pilot phase of EBA CLEARING’s RT1 real-time pan-European payment platform.
The Italian lender is among the 39 funding institutions supporting the development of the EBA CLEARING infrastructure.
The bank plans to initially roll out the new payment service to its clients in Italy and Germany from November 2017 in compliance with the timeline set by European Payments Council’s Sepa Instant Credit Transfer (SCT Inst) Scheme.
UniCredit global co-head of global transaction banking Jan Kupfer said: “The introduction of euro-denominated instant payments will enable us to better support the payment businesses of both our corporate and retail customers in the internal market.
“By providing our customers with payments facilities 24 hours a day, 365 days a year, with payers notified of a successful transaction within seconds, we will greatly enhance the effectiveness of our services and increase customer trust.”
EBA CLEARING CEO Hays Littlejohn added: “Banks from several different countries are currently engaged in testing activities, with more following before the end of the summer. At present, close to 30 financial institutions are planning to connect to RT1 in November while another 70 banks are preparing to join in 2018.”