Iberpay is the first CSM (Clearing & Settlement Mechanism) in Europe to obtain the approval certificate from the European Payments Council (EPC) to process transactions based on the SEPA Request-to-Pay scheme to its entities.

CaixaBank, a leading bank in innovation for financial services, has become certified and adhered to the EPC’s SEPA Request-to-Pay (SRTP) scheme and to Iberpay’s service, being the first bank in Europe prepared to provide this service to its customers.

After obtaining the corresponding EPC¹ approval certificates, CaixaBank and Iberpay announce that their respective payment technology platforms are ready to process, as of June 22, the first SEPA Request-to-Pay in Europe. In parallel, CaixaBank, which has become the first bank in Europe to obtain EPC approval for Request-to-Pay processing, is preparing to soon launch its first commercial service that will facilitate companies’ online and instant management of customers’ unpaid bills through Request-to-Pay messaging.

Request-to-Pay allows companies and individuals to request instant payments from their customers or counterparties online, digitally, and without friction. This new type of instant “pull” payment complements current instant credit transfers, which represent the “push” payment.

Spanish banks have been advocating the adoption of this new European standard for some time. They are working with Iberpay to become certified and incorporate the standard into their services in the coming months. This will help to create a critical mass of users, enabling the widespread adoption of this new functionality and the development of new instant and digital payment solutions.

As in the launch of instant credit transfers in 2017, the Spanish banking sector is once again at the forefront of the development of new digital, instant, and 24×7 payment services for its citizens and companies. CaixaBank was also the first entity in Europe to carry out the first transaction under the SEPA instant credit transfer scheme when it was launched.

¹ The European Payments Council (EPC) is a unique European organization that aims contribute to harmonised payments in SEPA (Single Euro Payments Area) by developing and managing payment schemes and standards. In the case of SEPA Request-to-Pay, the EPC has established a mandatory process prior certification.