Worldline has announces that its subsidiary, equensWorldline SE, welcomes TIPS – the Instant Settlement service that was recently announced by the European Central Bank.
equensWorldline will connect its European and national Instant Payments Clearing and Settlement services to TIPS from the first day TIPS is operational, thus providing easy pan-European reach to its connected banks and PSPs through one technical interface. This seamlessly fits with equensWorldline’s ambition to support the market in the easy and cost-effective implementation of Instant Payments.
Instant Payments offer great benefits to consumers, merchants and corporates by allowing transactions to be processed instantly and around the clock, 365 days per year.
Consumers can share a restaurant bill and top up their prepaid mobile phone balance instantly, in the evening, in the weekend and on public holidays. Corporates can pay bills instantly, optimizing their cash flow, and incoming payments are immediately credited onto their accounts. Instant Payments can bring all the benefits of cash, as it is immediate and irrevocable, but with the added benefit of safety and convenience.
Instant Settlement by the European Central Bank will be compliant with the European Payments Councils Instant Payments initiative, SCT Inst and will offer banks and Payment Service Providers (PSPs) the ability to settle instantly at the European Central Bank, effectively eliminating credit and liquidity risk. This is important, as this allows volumes and value to grow without increasing risk for the users of Instant Payments.
equensWorldline will connect its European and national Instant Payments Clearing and Settlement services to TIPS to allow for easy pan-European reach to its connected banks and PSPs through one technical interface.
The connection to TIPS will be complementary to the interoperability connections with the other leading CSMs in Europe the Instant Payments Clearing and Settlement service is currently developing, such as EBA Clearing and EACHA.
“The connection to TIPS fits perfectly within equensWorldline’s vision that Instant Payments will be the new normal in payments processing. equensWorldline believes this will fundamentally change the way we pay. TIPS will allow national initiatives to be interconnected, this will ultimately lead to a new Global Instant Payments World,” comments Michael Steinbach, CEO of equensWorldline.