LONDON—A new report titled, “So, You Think You’re Ready for SEPA Instant?” has found a third of E.U. banks do not currently offer an instant payments service, with the majority saying they have been discouraged by the January 2025 deadline.
A survey of 200 payment professionals at E.U.-based banks carried out by RedCompass Labs found that 58% of the banks that do not currently offer an instant payments service believe the deadlines are too unrealistic while a third are not confident of meeting these deadlines, Finextra reported.
However, despite these concerns, almost three-quarters (77%) still believe the benefits of instant payments outweigh the costs and just over half (55%) plan to offer instant payments as the default option to their clients, Finextra said in its analysis.
The report further found that banks may be underestimating the scale of processing involved.
The Goal
While the majority of banks are aiming to process between 101-300 payments per second, bulk payment files can contain 100,000s of payments. Consequently, banks should be aiming to process at least 1,000 payments per second, according to RedCompass.
The majority of the surveyed banks (76%) also anticipate an increase in their IT budgets in order to meet the new SEPA rules with the average increase amounting to between €1 and €3m per bank Finextra said.
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