EBA Clearing platform closes in on full instant payment coverage in Finland

EBA Clearing has announced that RT1 now has six participants from Finland: Bonum Bank, Central Bank of Savings Banks Finland, Danske Bank A/S Finland Branch, OP Corporate Bank, Svenska Handelsbanken and Nordea Bank.

Most of these banks joined the first pan-European instant payment system in April and early May 2019. With the connection of these major players, RT1 has brought its reach across Finland to nearly full coverage. Further banks from the Finnish community are expected to follow over the next few months.

Europe-wide, RT1 has seen a significant ramp-up since its launch in November 2017. Banking communities in Austria, Estonia, Germany, Italy, Latvia, Lithuania, Spain and now Finland, as well as individual institutions from other European countries, have connected to the platform since its go-live in November 2017. RT1 currently has 47 participants from 19 different countries and extends reach to over 2,300 participants across Europe. Since its launch, the system has processed a total of more than 20 million transactions and currently handles one million transactions per week on average.

RT1 provides payment service providers in the Single Euro Payments Area with a real-time payment processing facility operating around the clock on any day of the year. The EBA Clearing platform went live as the first pan-European real-time payment infrastructure system on the launch date of the SEPA Instant Credit Transfer (SCT Inst) Scheme of the European Payments Council in November 2017.