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REPORT ON A WEBINAR BY FINEXTRA AND D+H MARCH 2017 REVOLUTIONISING EUROPEAN PAYMENTS & COMMERCE SPEEDING UP THE PAYMENTS LANDSCAPE: € € € €
REPORT ON A WEBINAR BY FINEXTRA AND D+H MARCH 2017
REVOLUTIONISING EUROPEAN PAYMENTS & COMMERCE SPEEDING UP THE PAYMENTS LANDSCAPE:
€ €
€ €
01 Introduction ...........................3 02 The Discussion .......................4 A question of ubiquity .......................4 Building a business case ..................6 The challenge of consistency ............9 The elephant in the room: legacy ..... 11 The unavoidable B-word ................. 12 What’s in it for the customers and the banks? .............................. 13
03 About .................................. 15
CONTENTS
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01INTRODUCTION
Instant payments continue to be a hot topic in Europe and across the globe as more countries look to adopt real-time or instant payment schemes. In light of this, D+H and Finextra recently partnered to host a webinar focusing on the SEPA Instant Payments initiative, being driven by the European Payments Council. The webinar brought together a panel of industry experts from EBA Clearing, Bank of Ireland, PRETA and Finextra to discuss the business case for instant payments, the regulatory framework, cross-border considerations and other key issues related to European instant payments.
This report contains a write-up of the discussion, highlighting the most salient points. We hope you find it useful and informative as a source of insights on this area of critical importance for the payments industry.
The panellists
Vincent BrennanHead of Group Operations & Payments, Bank of Ireland and Deputy Chairman, Euro Banking Association
John BroxisManaging Director PRETA
Erwin KulkHead of Service Development and Management EBA Clearing
Gene NeyerIndustry and Regulatory Product Management, Global Payments Solutions, D+H (moderator)
Gary WrightDirector of Content Finextra
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THE DISCUSSION02
A question of ubiquity Setting the scene for the webinar discussion, moderator Gene Neyer, Industry and Regulatory Product Management, Global Payments Solutions, D+H, told listeners that the payments industry is “in the midst of unprecedented change”. The rise of real-time payments, more stringent regulation and increasing competition are all contributing to “what can be best coined as a once-in-a-lifetime revolution in payments”, he said.
Drilling down in more detail on the real-time payments topic, Neyer reminded the audience of the global picture. “It’s fair to say that the growing ubiquity of smart devices and booming online retail commerce is driving the rapid adoption of real-time payments globally, and now specifically in the EU zone. In such digitally mature societies, payments in real-time are not only demanded, but expected,” he said. “The most recent announcement of note is in the US, where The Clearing House announced their new real-time payment system, coming on the heels of Australia’s New Payment Platform (NPP) and EBA CLEARING’s announcement around SEPA Instant. All three of them are due to launch in 2017.”
Turning to developments in the EU specifically, Neyer kicked off the discussion with a question on reach. “While one of the main objectives and success factors for real-time payments is ubiquity, the SEPA Instant Credit Transfer Scheme will be optional,” he said. “Now some banks are telling us that they are struggling to make the case for SEPA Instant, and therefore we don’t expect that everybody will be joining the scheme on day one. The $64,000 question is, how will ubiquity be achieved?”
Responding first, Vincent Brennan, Head of Group Operations & Payments, Bank of Ireland, and Deputy Chairman, Euro Banking Association, offered his perspective “sitting in two chairs”. “First, I tend not to talk about immediate payments and I prefer to focus instead on immediate commerce,” Brennan said. “The everyday interactions by consumers, retailers and businesses are becoming immediate in what’s become an increasingly connected world, so
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payments are either facilitators of those interactions or they are a by-product of those interactions. As those interactions and commerce accelerate, the movement of money needs to accelerate to keep pace. And consumers are exposed to an infinite choice through their devices and are increasingly looking for instant gratification, so payments have to support that demand from customers.”
In this context “ubiquity is the ability of the infrastructure to support anytime, anywhere, any device, customer propositions, 24/7”, Brennan continued. “So the business case isn’t in the act of speeding up the movement of money, nor even in basic propositions such as P2P payments. The business case is a broader strategic one, around enabling contextual propositions for customers.”
Brennan then reminded listeners about the efforts of the electronic alternative payments working group of the Euro Banking Association (EBA) and the papers it has published during recent years. “A lot of our focus has been on what we described as the disconnect between the innovation that’s taking place in the services layer, or as many call it, the overlay services space, and the banks’ infrastructure, both individual banks and banks collectively,” he said. To fix the disconnect, the banks have a ‘threefold’ task, Brennan added. “Banks need to enhance their infrastructure and to adapt to the needs of customers, not just immediate payments but also in terms of data-driven insights. Banks need to open out their assets and infrastructures into the digitally connected world, so embracing APIs and open banking. And banks ultimately need to develop customer propositions in the overlay layer, either by themselves or in collaboration with others.”
In other words, immediate payments “are just one piece of a jigsaw for digital banking”, Brennan said. “For me, the business case is that to deliver a digital banking proposition banks need to be a participant in an immediate payments scheme in order that fully reachable immediate payments are available to customers through banks and other compeitors. Regarding the pace at which banks choose to participate, I agree it will be an upwards curve, but I think the factors that drive the case forward will become increasingly predominant over the next couple of years and will accelerate the pace of participation.”
Erwin Kulk, Head of Service Development and Management, EBA Clearing, picked up on Brennan’s distinction between the different layers. “There is the services layer, where PSPs will look at what services there are to develop, there’s the scheme layer, and then you have the clearing and settlement domain, and EBA Clearing, together with a number of banks, is working now on creating a pan-European system for the clearing of instant payments. We started in 2015 to define a blueprint for that clearing service, and one of our first tasks that we completed together with the 21 banks that were involved at the time was to
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look at what are the use cases, and there was obviously a discussion on what is the business case. It became clear very early in the project that if you look at the clearing layer, you have to develop an infrastructure that is use case agnostic and will accommodate any service, even the ones we can’t see at the moment but which might arise in the near future. So that was an important requirement for us,” Kulk said.
Kulk continued to bring the audience further up to speed on the progress of the project, adding: “From the blueprint, we moved into the funding process to make sure that the costs of building the clearing infrastructure are covered by those who intend to use it. We completed that process in April 2016, when 39 banks signed up to commit to the funding of the construction and the building work of this infrastructure. In the meantime, we have set out the first set of specifications based on the preliminary version of the rulebook of the European Payments Council (EPC) and we have made it available to interested PSPs and service providers which have the intention to connect to this infrastructure during 2017 or 2018. We see now that the group has already grown to over 80 banks and quite a number of service providers which are in the process of preparing to connect to that infrastructure.”
Addressing the question of how to achieve ubiquity with an optional scheme, Kulk said: “For sure there will be a leap of faith: not everybody will be ready by November 2017. Everybody connecting to this infrastructure will do that at their own pace, but I think the signs are good. With the banks that have expressed an interest in onboarding, we are probably already covering 50%-60% of the accounts in Europe, and I think this coverage can only grow in the coming months and years.”
Building a business case
Gary Wright, Director of Content, Finextra, put the question of the business case for real-time in the context of banks’ overall approaches to digitalisation. “I think one of the struggles for banks at the moment is the question of what kind of organisation are they trying to be in today’s world? They wrestle with the demands of regulation. They wrestle with the demands of competition. They have legacy infrastructures that they are looking to maintain, but in some cases replace, and they’ve got customer expectation that is far beyond that which they’ve been dealing with in the past. So the type of organisation they want to be should include a whole raft of digital-based services. They have to think in that way. They have to think about how they use their technologies. They have to think about how they provide new services and products to their clients, and how they compete,” he said.
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“ For sure there will be a leap of faith: not everybody will be ready by November 2017. Everybody connecting to this infrastructure will do that at their own pace, but I think the signs are good. With the banks that have expressed an interest in onboarding, we are probably already covering 50%-60% of the accounts in Europe, and I think this coverage can only grow in the coming months and years.”
ERWIN KULK, HEAD OF SERVICE DEVELOPMENT AND MANAGEMENT, EBA CLEARING
“I’ve sat with many banks who take a very traditional view of immediate or instant payments by trying to build a business case, when it’s futile really. If they are trying to be a bank offering the services that will meet the needs of their customers which are already today and increasingly will be in the future more digital-based, then the business case speaks for itself. Of course, there are some issues around the legacy infrastructure and the pace at which the banks can handle all of this, but in a sense there shouldn’t be too much of a business case discussion, because this is really the way that the market is going.”
Wright echoed Brennan’s point that the movement of money is not a competitive differentiator. “It’s part of how you manage the relationship and meet the requirements of your customers, in terms of the transaction they’re undertaking and what they expect to be the consequences of that, which is far more than the movement of monies – it’s far more about information-based services and products.”
Some banks are still “struggling to build a business case in the old-fashioned style”, he said, based on “return on investment within a period of time, and it’s no longer stacking up – particularly as the revenue associated with moving money immediately is falling”. Instead, Wright suggested, banks must “look at new, ingenious ways of driving revenue from the movement of monies as part of the transaction and customer requirements – which goes back to how it’s all about the commerce-side, not just moving the monies.”
Wright sees some banks doing the minimum to get ready, he continued. “But there are equally a number of banks that see that the opportunity is significant if they take a wider view of the way the market is going, and do not just view immediate payments as a sole business case in itself.”
John Broxis, Managing Director, PRETA, drew the discussion back to the services layer. “I think it’s worth dwelling on the idea of this services layer just a moment longer,” he said. “Some people call it the overlay, or the services layer, and I think what we mean by that is the fact that right now we’re focusing on
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providing instant payments between banks, replacing or adding to the clearing system layer that we have today and enabling this real-time environment in the bank-to-bank space.
“But I think that for something to work and to actually be used in the real world you not only need instant payments but you also need an instant information service to go with that. You need a services layer which sits on top, so that not only do I receive the money in real-time, but I know that I’ve received the money in real-time. So I can hand over the goods or the services that are being asked for.”
Broxis took as an example the case of the UK. “If we look at the UK case, they went live with Faster Payments in about 2008, and I have to say it was probably a few years before anybody really realised it was there. I think most British citizens were very unhappy with the fact it took three working days to clear a payment, or five days over the weekend. The power and the possibilities of faster payment services didn’t really become apparent until the last two or three years, where solutions such as Paym or the ability to connect these things to mobile services became realised and real, and ordinary people and businesses were able to do much more with a faster payment service.”
The overlay story is both an opportunity and a source of risk, Broxis continued. “There’s the risk of local fragmentation,” he said. “Many of us on this webinar, I’m sure, have spent the last 10 years trying to put Europe together with SEPA (Single Euro Payments Area) and now there is a lot of concern by the regulators that as the very good progress and the innovation moves forward, things become real-time, things become instant (and this is welcomed) there is the fear that at the same time local solutions, national solutions or regional solutions will spring up, allowing some kind of reach within a small hub, but not across the half a billion people that make up the European Union or SEPA.”
In short, Broxis warned: “Don’t underestimate the importance of not only building a bank-to-bank layer, but then building a harmonised services layer on top of that.”
“ I think that for something to work and to actually be used in the real world you not only need instant payments but you also need an instant information service to go with that. You need a services layer which sits on top, so that not only do I receive the money in real-time, but I know that I’ve received the money in real-time. So I can hand over the goods or the services that are being asked for.” JOHN BROXIS, MANAGING DIRECTOR, PRETA
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The challenge of consistency
Variations between European markets are indeed a critical consideration, agreed Neyer. In this context, the question of how to engineer a pan-European instant payment infrastructure is an important one, he added. “The EPC has mandated 10 seconds end-to-end as the desired clearing time, and clearly, in the much more relaxed environment of SEPA credit transfers, where we have an entire day to clear them, there are still challenges.” Neyer asked Kulk to “take us through the thinking that the multiple clearing and settlement mechanisms in Europe have on how they will enable a seamless and consistent service”, pointing out that history shows that “experience matters, and with poor user experience we see slow adoption, and with great, consistent, friendly user experience we see rapid adoption”.
“In that context you’re referring to the fact that there is more than one ACH planning to offer services whether it’s domestic or it’s in the pan-European context - and I think it’s great news for the PSPs that are planning to use that infrastructure because if there’s more than one of those it means there’s competition and it will keep the prices of the infrastructure as low as possible, which is needed in respect to earlier comments on the potential business cases of instant payments,” responded Kulk.
“So that’s all healthy for the ecosystem as a whole, but then the question becomes, how to build reach?” he continued. “I think technically there are no limitations. If I go on holiday to Portugal today and I make a card payment with my Belgian bank card it’s handled in seconds and it’s not processed in one single system – it goes over multiple hubs. So speed of the infrastructure does not have any limitations, even if it goes over multiple systems.”
A key source of complexity with instant payments, he acknowledged, is the guarantee of immediate settlement. “That’s where there is still a complex topic to tackle in the industry,” Kulk said. “We’re now looking at alternatives as how to best tackle that. There are examples in the market, and we are investigating this, we’re talking among ACHs and also together with the ECB and the national central banks about how we can best do that without creating any extra risks on the infrastructure when a payment has to cross multiple hubs.”
Pointing out that there is nothing new in banks having to connect to multiple clearing systems, Neyer nevertheless asked Brennan his views on having to connect to at least one additional service, and maybe others.
Again, Brennan offered two perspectives – “the outside in, which is the customer perspective, and the inside out, from a head of payments operations point of view”. “From a customer perspective, I’ve often said that customers
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and colleagues have long since lost interest in how money gets from Dublin to Guatemala. They’re just interested in the experience and whether we can make it happen. When I look at the potential for an additional ACH in terms of instant payments or even that there will be a number of competing ACHs in this space, it comes back to consumer and business customer and what they are looking for. They’re looking for reach, they’re looking for 24/7 operability, they’re looking for that immediacy in terms of confirmation, they’re looking for the quick settlement, they’re looking for irrevocability et cetera. As a practitioner then, we’re looking to the different schemes to provide that,” he said.
“I do think that, based on user experience, the traffic will in its own time move from certain schemes to others, and so that over time as a bank participating in the scheme, our traffic will follow a different scheme that may in turn lead to a reduction of the number that we need to be in,” he continued. “But looking at it from an outside in point of view, from a customer point of view, we need to be part of the schemes that allow us to provide the services that our customers are looking for. From an inside out point of view then as a practitioner, competition is good and, as Erwin points out, competition between the providers means a reduction in their infrastructure costs as a cost to the bank. That’s to be encouraged.”
Brennan also pointed out that competition isn’t coming only from the banks. “You only have to look at the recent announcement in the US about a number of the banks having come together to promote a scheme called Zelle which is to compete against one of the PayPal schemes. PayPal gives you reach for all your customer base. From a practitioner’s point of view, competition is healthy, and ultimately the experience that we get from the individual provider and the experience that we’re able to give our customers on the back of individual providers will drive where the traffic goes.”
Wright endorsed this view, adding that a number of clearing and settlement mechanisms are also wrestling with their business cases and how to provide services that go beyond facilitating the movement of money. “There are a number that I think are thinking like some of the banks. It is more about the added value or overlay services, and if they’re moving payments, they’re also moving data, transactional-based data, and they’re looking at how they can wrap that up into something insightful and informative that in turn goes back via the banks that they’re providing services to, to their customers, to support exactly what Vincent said there – and that’s the customer experience.”
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The elephant in the room: legacy
Neyer then turned to audience questions and asked the group whether there are significant technology barriers to implementing SEPA instant in the banks themselves, particularly around their use of batch-based core banking systems. Brennan responded: “There’s hardly an article that appears now in terms of digital banking, open banking and immediate payments that doesn’t focus on the multiple painpoints for banks – the pressure on one side of regulation and on the other side the suitability of bank infrastructures for the modern digital world, and then in turn the ever-burgeoning demands coming through from customers.”
Banks are positioned differently on this issue, Brennan continued. “We announced recently that we’re embarking on a core banking replacement and named the vendor for that, so we’re among a number of banks who are recognising the need to move forward. Others are further ahead, and others have not yet made that decision. Talking generally, these decisions are in part driven by the specifics of immediate payments. But coming back to my opening piece in terms of immediate commerce, in terms of the anytime, anywhere, any device proposition for customers, I think it’s that broader quest to digitise banks that means increasingly the banks’ ability to deliver the kind of experience and proposition customers want are challenged by old legacy batch-based systems, lack of data mining and real dynamic data insight,” he said.
There is therefore a number of reasons why immediate payments become “another push of the business case toward moving from legacy systems towards more modern platforms”, Brennan added. “Whereas one can still achieve a certain amount in the digital or services layer, to an extent the quality of the services that you can provide is limited. So definitely it’s a very live topic for many banks.”
On the topic of the services layer, Wright pointed out that there is demand from “corporate treasurers who want to see more of the value of overlay
“ There’s hardly an article that appears now in terms of digital banking, open banking and immediate payments that doesn’t focus on the multiple painpoints for banks - the pressure on one side of regulation and on the other side the suitability of bank infrastructures for the modern digital world, and then in turn the ever-burgeoning demands coming through from customers.” VINCENT BRENNAN, HEAD OF GROUP OPERATIONS & PAYMENTS, BANK OF IRELAND AND DEPUTY CHAIRMAN,
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services than they’re seeing currently”. “There’s an awful lot of focus on the consumer, and the corporates want to see more benefit from these developments in the market,” he said. “One of the things they want is the information that relates to their business, whether for immediate reconciliation, or identification of challenges or issues or problems, or for managing their cash flow. They get slightly frustrated by the way that information is currently extracted or presented because banks have problems with extracting and utilising and developing information into something insightful. But they’re looking for it and they’re definitely happy to recognise that there’s a cost for that information because it helps enormously.”
The unavoidable B-word
Neyer then passed on an inevitable audience question on how the development of distributed ledgers and blockchain will impact real-time payments. Broxis picked this up, saying: “I do see blockchain having an amazing potential to transform certain aspects of how we build the infrastructure that helps us run our lives. We’re now building the infrastructure for the next five to 10 years for an instant payments platform, we’ve gone through RFP processes, and the answer was not ‘let’s do it on the blockchain’. So I think what’s important is when you link blockchain and payments, you see blockchain as a technology rather than an end in itself. It’s not good because it’s a blockchain.”
The question is, what benefits would blockchain bring? Broxis continued. “Is it faster, is it cheaper, is it more resilient, does it give me some sort of free governance aspect, what do I get by using it? I am a great believer that we’re going to see very real places where blockchain is exactly the right thing, but at least the instant payments platforms that are going to be delivered in the next year or two, and then should be ramping up in the next two or three years, taking us to 2020 and beyond, are not actually going to be distributed ledger platforms.”
“ There’s an awful lot of focus on the consumer, and the corporates want to see more benefit from developments around overlay services. One of the things they want is the information that relates to their business, whether for immediate reconciliation, or identification of challenges or issues or problems, or for managing their cash flow. They get slightly frustrated by the way that information is currently extracted or presented because banks have problems with extracting and utilising and developing information into something insightful.” GARY WRIGHT, DIRECTOR OF CONTENT, FINEXTRA
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He added: “There are some interesting competitors and challengers out there that want to revolutionise the world. Let’s see how they go.”
In response, Brennan pointed out that “a lot of banks are collaborating with the blockchain players who want to explore the areas in which it could become a relevant piece going forward”. He also referred to a comment he had heard earlier at a conference – reminding the audience of how one of the heads of General Motors asked, on the release by Tesla of the first electric cars, how his company had missed that opportunity. “Where there are challenges today, we might expect over the next number of years that iterations of blockchain and distributed ledger would come forward to solve these problems. It’s not a today solution, but I would be closely watching this space,” Brennan said.
Neyer agreed that “if we look at the scale of what’s required for a pan-European operation, blockchain and digital ledgers have not reached the technological maturity yet for a region as large as Europe or a country as large as the US”. Smaller countries are looking at blockchain much more closely, he added.
What’s in it for the customers… and the banks?
The last topic Neyer put to the panellists was that of the benefits SCT instant will bring to consumers and businesses, and to the banks themselves in revenue terms.
Broxis pointed out that the full use that will be made of instant payments will only become apparent over time. “When you bring something new, if you give people a toolkit, the opportunities that will be seen in industries that many of us don’t even imagine or think about when the product is first launched are huge,” he said. “I really just want to focus on the B2B aspect because the examples are classically about paying for lunch between two people and splitting the bill in real-time, which is nice – but I’m not sure it’s what’s going to drive our economy forward over the next 20 years.”
By contrast, the potential to address some of the payments problems faced by businesses is very powerful, Broxis added – “the headaches that exist for
“ If we look at the scale of what’s required for a pan-European operation, blockchain and digital ledgers have not reached the technological maturity yet for a region as large as Europe or a country as large as the US.” GENE NEYER, INDUSTRY AND REGULATORY PRODUCT MANAGEMENT, GLOBAL PAYMENTS SOLUTIONS, D+H
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large businesses and for small businesses in ordering, purchase order, invoice received, reconciliation”. “I am very excited about real-time payments with an appropriate set of overlay services that turn this capability into a product, into a set of tools that can be used by the business community for business-to-business payments, not just the consumer side.”
Neyer then asked Brennan whether instant payments will benefit only customers, or whether banks will be able to generate revenues through real-time. Brennan said again that instant “is one of a number of pieces of a jigsaw”. “Are there revenues to be generated purely from the process of speeding up the flow of payments? I’m not entirely sure there are, but very quickly you get into insights banks can provide if they are able to drive the value from the information they can access back out to businesses.”
Immediate payments are also “an ingredient alongside other capabilities such as e-identity”, Brennan said. “If banks do that and offer those capabilities out into the marketplace, then banks have the ability to provide the identity services to retailers who can then use that to identify the customer at the point of entering the purchasing experience and the bank can be part of the value that gets added through that, rather than being confined to being the entity that’s part of the process simply to execute the payments.”
He highlighted the three step approach again. “One of which is to enhance the infrastructure, the second is to open it out, and the third then is to add the overlay proposition services on top. That’s where the revenue pool from that set of activities is far wider than the pool for payments activities ever was,” Brennan concluded.
“ Are there revenues to be generated purely from the process of speeding up the flow of payments? I’m not entirely sure there are, but very quickly you get into insights banks can provide if they are able to drive the value from the information they can access back out to businesses.” VINCENT BRENNAN, HEAD OF GROUP OPERATIONS & PAYMENTS, BANK OF IRELAND AND DEPUTY CHAIRMAN, EURO
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03ABOUT
Finextra This report is published by Finextra Research.
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