The mandate is likely to be approved in mid-October/early November 2023. So, PSPs in the EU need to be equipped to receive Instant Payments six months after the legislation is passed and be able to send Instant Payments a year after ratification (EEA is 30 months and 36 months, respectively). There are tight deadlines, and there are additional requirements added for pricing, pre-validation, and sanction screening to adhere to as well. Whilst these timelines are already ambitious for some banks and FIs, it is these two additional requirements below that are causing the most concerns:
In fact, 44% of all respondents to our poll said that they were still waiting for guidance and a clear definition of the above before they could get started. The good news is that Bottomline has the experience you can leverage - over 50% of all ‘live’ participants of Confirmation of Payee in the UK have gone ‘live’ with Bottomline & our sanction screening tools are used by 200+ customers globally.
However, there are still the traditional barriers to adoption of Instant Payments that need to be overcome - 56% said that lack of IT resources & prioritisation with an already busy roadmap was the most significant barrier to the adoption of Instant Payments, followed by legacy infrastructure at 31% and the cost & hassle of implementing a new payment rail coming in at 14%.