On 15 June 2021, the launch of SEPA Request to Pay (SRTP) has paved the way for banking products and banking services that focus on the new European standard for electronic payment requests. So far, however, financial institutions have reacted rather cautiously, although there is no reason to wait. This is what is shown in the new whitepaper "How Request to Pay becomes a success story for financial service providers" by PPI AG.
The pan-European electronic Request to Pay (RTP) has turned from a theoretical concept into a real standard in mid-2021. However, financial service providers have so far been hesitant about the concrete implementation. Why? The technical integration should be feasible, the resource expenditure roughly comparable to that of an instant payments introduction. These necessary investments should be amortised by the advantages in terms of customer loyalty or possible value-added services.
The clock is ticking because even though no major player has yet publicly announced RTP services, current indications suggest that this will soon change. Sooner or later, a whole product world around RTP will emerge. Financial institutions that get on board now can benefit from this development. The PPI whitepaper analyses the market situation for RTP products, guides through the technical issues and shows ways into the market.
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