Sofortüberweisung in real time – Instant Payments

Sofortüberweisung in real time – Instant Payments

Sofortüberweisung, also known as “Instant Payment”, is an electronic multi-channel payment solution that is available 24/7. This is done in real time (i.e. within seconds of triggering the payment

a) transmits the payment message to the payee’s PSP

b) confirms the execution to the payer and

c) the payment is credited to the payee’s account.

This means that the recipient can immediately dispose of the amount credited. Merchants particularly benefit from this, as it avoids payment defaults that are common to the direct debit or invoice payment method. Existing payment systems do not meet the requirement for immediate availability by the payee. However, some companies already offer solutions that come very close to a real instant transfer. As an example of such solutions, the ECB mentions: MyBank, Ideal, Sofort. The fact that there is undoubtedly a need for instant payments shows that appropriate solutions have been established or are being developed in some countries (inside and outside the EU). Examples: Australia, Denmark, Finland, Great Britain, Canada, Mexico, Netherlands, Norway, Poland, Sweden, Singapore, South Africa. Of course, solutions are also being considered that will enable the customer to make mobile payment in real time. For the consumer, paying is as easy as sending an email. Merchants can accelerate their growth by simplifying the payment processes in e-commerce and at the POS. Providers can potentially develop new sales potential and strengthen customer relationships. The direct transfer is intended to increase competition between banks and non-banks in favor of the consumer. However, the implementation on a legal / regulatory, technical and, above all, commercial level is currently still open. . After the establishment of a uniform payment area throughout Europe, also known as SEPA, the further development to the possibility of an instant transfer in real time is a logical consequence, which has many advantages for the merchant and the customer. creditPass will inform its customers and interested parties about the current state of affairs.

Would you also like to stay up to date? Subscribe to our newsletter !