J.P. Morgan has released a real-time SEPA Instant payments solution in Europe, as the banking group looks to expand real-time payments.
Following this launch, the bank now enables real-time payments in USD, GDP and EUR. SEPA (the single Euro Payments Area), is a European Union initiative which aims to simplify bank transfers made in Euros.
This SEPA payments system gives clients immediate payment finality, the ability to instantly address business needs, ease reconciliation, improve financial control and budgeting, and enhance customer experiences.
J.P. Morgan Managing Director Sungmahn Seo said, “Adding SEPA Instant is another step towards offering real-time payments around the globe. SEPA Instant will allow our clients the ability to make/receive a payment within seconds, for credit transfers in EUR up to 15,000, with 24/7availability and a Pan-European reach. Furthermore, we offer a single global API for our clients to connect with us for multiple real-time payment systems.”
Earlier in the month, Deutsche Bank and Serrala formed a partnership to launch an API interface for SEPA instant payments. The joint venture improves the industry’s move towards real-time payments and meet the European Payments Council’s SEPA Instant Credit Transfer regulation which established a standard to ensure digital payments are executed within ten seconds or less.
The European Payments Council Board recently accepted an application from UK Finance which will enable UK Payment Service Providers to continue within SEPA schemes if there is a no-deal Brexit.
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