The future obligation to offer instant credit transfers will have a significant impact on IT system requirements at financial service providers. The number of transactions is likely to increase massively, while at the same time there are other requirements to be met in addition to the actual booking processes:
- Financial institutions must give their customers the possibility to match the name and IBAN of the payment recipient in real time.
- At least once a day, customer data must be checked against the current EU sanctions lists.
- At the same time, a credit transfer via SEPA instant payments must not be more expensive than a standard credit transfer.
Scalability, performance and stability in the entire payments chain must be guaranteed at all times; otherwise the stipulations of the instant payments regulation cannot be met. Even banks that already offer instant payments should make sure that their IT landscape can still reliably cope with a significant increase in load.