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Request to pay: The missing piece of the puzzle

Author

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  • Roeck, Francis De

    (BNP Paribas, Rue Royale 56, Belgium)

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.

Suggested Citation

  • Roeck, Francis De, 2021. "Request to pay: The missing piece of the puzzle," Journal of Digital Banking, Henry Stewart Publications, vol. 5(3), pages 277-283, December.
    • Handle: RePEc:aza:jdb000:y:2021:v:5:i:3:p:277-283
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    More about this item

    Keywords

    request to pay; open banking; third party providers;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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