Request to pay: The missing piece of the puzzle

Francis De Roeck
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Francis De Roeck: BNP Paribas, Rue Royale 56, Belgium

Journal of Digital Banking, 2021, vol. 5, issue 3, 277-283

Abstract: This paper describes and compares the new European Payments Council SEPA Request-To-Pay (EPC SRTP) scheme with the open banking-based payment initiation. The SRTP solution is not a new payment instrument but a full four-corner ‘authorisation messaging’ concept that still needs to be launched, whereas the open banking payment initiation by third parties is already possible, albeit still with a slow uptake on the continent. SRTP has powerful advantages on customer experience, but needs reach. Open banking payment initiation can already operate today on any bank, but the model has not been proven yet. Both solutions can challenge each other.

Keywords: request to pay; open banking; third party providers (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jdb000:y:2021:v:5:i:3:p:277-283

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