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EPC Releases Updated Guidance On Mobile-Initiated SEPA Instant Payments
The European Payments Council (EPC) has released the third version of its Mobile-Initiated SEPA (Instant) Credit Transfer and Technical Interoperability Guidance.
This latest iteration follows a public consultation in Q3 2024 and is intended to improve the technical interoperability of SEPA Instant Credit Transfers.
The new guidance expands on transaction flows for different modes of mobile payments, including payee-presented and payer-presented options, as well as those involving payment initiation service providers (PISPs).
By outlining the interactions between payer and payee service providers, it highlights critical aspects of ensuring successful payments and dealing with potential failures.
The guidance also aligns with the EU's incoming Instant Payments Regulation (IPR) and defines minimum data sets for seamless cross-platform payments.
Swift To Facilitate Live Cross-Border Digital Asset Transactions From 2025
From 2025 onwards, banks and central banks in Europe, Asia and North America will begin using the Swift network to conduct live trials of digital asset and digital currency transactions.
The trials will explore how Swift can provide its financial institutions with a single window of access to multiple digital asset classes and currencies.
Initial use cases will focus on payments, FX, securities and trade, enabling multi-ledger delivery-versus-payment (DvP) and payment-versus-payment (PvP) transactions.
Swift said that in previous studies it has already demonstrated that it can transfer tokenised value across public and private blockchains, interlinking central bank digital currencies (CBDCs) and other digital asset classes.
“Swift’s trials will leverage its unique position at the heart of the financial system to interlink these disparate networks with each other as well as with existing fiat currencies,” it said.
“This will enable Swift’s global community to seamlessly transact using digital assets and currencies alongside traditional forms of value, using their existing infrastructure.”
