UniCredit is Testing Instant Payments

UniCredit is Testing Instant Payments

UniCredit is to introduce instant payment services to customers in Italy and Germany following the test of EBA Clearing`s RT1 real-time platform.

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UniCredit is to introduce instant payment services to customers in Italy and Germany following the test of EBA Clearing`s RT1 real-time platform.

The testing is expected to be completed in November, when the first wave of services will be rolled out to customers, as finextra.com reported.

“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.”, as Jan Kupfer, global co-head of transaction banking at UniCredit, told finextra.com.

“Widespread adoption and new, value-added services that optimise the customer experience will only serve to increase the benefits.”, he added.

UniCredit is one of the 39 funding institutions that collaborate on the development of the new EBA Clearing infrastructure that will provide a common European real-time payment processing platform.

“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.”, said Hays Littlejohn, CEO of EBA Clearing, while commenting on the project.

UniCredit participates in the collaborative effort to assist its digital transformation programme.

“UniCredit’s ongoing digital transformation programme will be a further beneficiary of our connection to the new instant payments infrastructure.”, as Kupfer noted in an interview with the online media.

Digitized banking services are expected to play a leading role in the banking sector. It i to be seen how global banks will transition.

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