Experiences from the Dutch instant payment project: From 0 to 289 million in one year

Frans C. Van Beers and Inge P. J. H. Van Dijk
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Frans C. Van Beers: Dutch Payments Association, Gustav Mahlerplein 33-35, The Netherlands

Journal of Digital Banking, 2021, vol. 5, issue 3, 240-254

Abstract: In May 2015 the leading Dutch banks announced their ambition to offer instant payments (IP) to the Dutch market in four years. The complex and innovative programme, led by the Dutch Payments Association, delivered, in mid-2019, a new IP infrastructure that has now become one of the fastest growing IP environments, with over 289 million interbank IP transactions processed in its first year (April 2019–March 2020). This paper looks back on that period and focuses on the elements that, in our view, were important to the successful introduction of this new payments infrastructure. The challenges, dilemmas and the rationale for the decision of the Dutch banking community to organise the IP project are described. The journey towards achieving all the set goals by means of a clear joint effort from the Dutch payments community was intense and rewarding. IP is expected to become the new normal for SEPA payments in the years to come, provided that some hurdles to full interoperability and reachability in SEPA will be overcome. This paper aims to share insights that may be useful to other parties that are considering introducing IP or that want to push a similar transition from conventional credit transfers towards a 24/7 available, interbank IP backbone (See figure 1 for actual transaction volumes on this new IP backbone).

Keywords: instant payments; interbank project; payments infrastructure; Dutch Payments Association; Netherlands; De Nederlandsche Bank; real-time payments; ISO20022; faster payments; EPC; TIPS; ECB; EPC SCT Inst Rulebook; SEPA Credit Transfer (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2021
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