Could one tackle Brexit and „Request-to-Pay” in one meeting?
The Board of the European Payments Council had, among others, two challenging topics on its agenda on the March 7 meeting: how to meet March 29, the Brexit date and how to start to regulate „request to pay” phenomenon in the instant payment world?
Our article informs the reader about the EPC approach to Brexit by showing the importance of the EPC step in approving Payment UK’s membership in the European Payments Council. More than eighty British financial institutions are maintaining a membership in the SEPA payment sytems so it was a natural step on behalf of the professional organization to ensure smooth payment flows even if a sudden Brexit occurs.
In preparing implementation of „request to pay” in the SEPA area EPC is following suit the British payment system and as a first step on the road the EPC Board set up on its meeting the Request to pay Multi Stakeholder Group to prepare by November this year a proposal for the regulation to be issued in this topic.
Just to add to the article after the EPC meeting Capsys applied for a membership in the working group and was later awarded with this membership.