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Four cases to demonstrate user-friendly solutions for Instant Payments during the ECB’s TIPSapp Challenge

TIPSappChallengeInstant Payments is a quantum leap in payments. Consumers can send money as quickly as email and corporates have instant certainty. equensWorldline has prepared two apps to demonstrate its thought-leadership in providing instant payment, that will be presented during the TIPSapp Challenge, organized by the ECB, on 6 February 2018. The challenge is meant to boost public awareness of Instant Payments across Europe.

In the long run, the European Central Banks’ (ECB) vision on Instant Payments is that they will become the new normal. However, a market infrastructure alone will not be enough to ensure that European citizens will use Instant Payments. People will need to be able to initiate Instant Payments with user-friendly apps they actually like to use. This can only be done with user-friendly technology, because the market will decide which Instant Payments solutions and use cases to use and when to use.

That is why the ECB organizes the TIPSapp Challenge event to stimulate service providers to present their best Instant Payments solutions and/or prototypes. The Challenge is now the first step to show the possibilities to a broader audience. During this event equensWorldline, as frontrunner and facilitator of the entire payments value chain, will demonstrate four new use cases of Instant Payments apps.

The presented solutions not only cover the more obvious P2P solutions, but also P2B and B2B use cases:

1. Mobile to Mobile via NFC

With this white label mobile app consumers can initiate Instant Payments with their mobile phones when they are in the proximity of each other with wireless Near Field Communication (NFC) technology. The big advantage is that there is no need to enter a long IBAN or BIC number and that the money is transferred instantly.

P2P - GetPaid - 1 - Select amount_framed

2. Mobile to Mobile via QR code

With this white label payment solution, the person who wants to receive money shows a QR code in the mobile app and the other person – who wants to pay money – scans the code with his phone to initiate the payment. The advantages are the same as those with the first Instant Payments solution: easy and fast.

P2P - Pay - 2 - QRCode_framed

These two technologies already exist and are not really distinctive from other suppliers. It gets more interesting with the third use case.

3. Mobile to Point-of-Sale terminal via NFC

It is also possible to use the Point-of-Sale terminal for making Instant Payments with NFC. Consumers can tap their phone against the terminal to initiate a payment, but instead of paying via debit or credit card scheme, it is via Instant Payments. The advantage of this white label solution is that the merchant receives his money instantly, via SCTinst which is faster, and that he can reuse the existing terminals without investing in new equipment.

Terminal and transaction

4. Business app for optimal international liquidity management

This white label business-to-business app which can be used on tablets is meant for business liquidity management. It builds on the concept that Instant Payments are real-time (24/7/365) across Europe, without a limitation of the amount. This ensures that large amounts can be transferred in real time, which is a big advantage for European companies with multiple bank accounts across Europe. With this app, they can automate their cash optimization across various European bank accounts based on interest rates and upper or lower thresholds. It means that the money can easily be transferred instantly to countries with the best interest rates.

B2B - Dashboard_framed

Ready to support, whatever the market will decide

equensWorldline will, along with numerous other suppliers, demonstrate its capabilities for Instant Payments during the ECB’s TIPSapp Challenge. The market then will decide which solutions have the best potential and the biggest chance to succeed. Whatever the outcome will be, equensWorldline is ready to support the full value chain for Instant Payments, from payment initiation and channel solutions that directly benefit the end-customer, to back-office processing and clearing & settlement.

This article was posted in Instant Payments.

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