Presentation by Hays Littlejohn (CEO, EBA CLEARING) at Latvijas Banka's conference "Payments in the 22nd Century: Future starts Today?" on 3rd October 2018
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RT1: a pan-European real-time payment system
1. EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
Event title
00 Month 20XX Confidential
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
Latvijas Banka Economic Conference 2018
3 October 2018Page 1
RT1: a pan-European real-time payment system
Hays Littlejohn, CEO of EBA CLEARING
Latvijas Banka Economic Conference 2018
Riga, 3 October 2018
Look back on the first 10 months of live operations and outlook on
the way forward
2. EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
Event title
00 Month 20XX Confidential
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
Latvijas Banka Economic Conference 2018
3 October 2018Page 2
The first 10 months of live operations
• Very stable live operations from 21 November launch date on
• 24 x 7 operations and transactions
• Ten months after the launch, around 20,000 SCT Inst transactions per day
• RT1 passed 3-million-transaction milestone in August 2018
• Over 99% of the payments are processed in a couple of seconds
Facts and figures
3. EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
Event title
00 Month 20XX Confidential
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
Latvijas Banka Economic Conference 2018
3 October 2018Page 3
Participant uptake since the launch of RT1
Close to full reach among Scheme-adhering PSPs
13 countries in total
29 active participants
> 1,000 addressable PSPs
Close to 100% reach among
SCT Inst Scheme-adhering
PSPs
Status: Sep 2018
4. EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
Event title
00 Month 20XX Confidential
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
Latvijas Banka Economic Conference 2018
3 October 2018Page 4
RT1 Participants in RT1 System (forecast based on SCT RBs*) by end of 2019
4
* based on indications received from Participants
and their SCT Reachable BIC numbers
% of BICs reachable in SCT
80-100%
60-80%
40-60%
0-20%
20-40%
Expected reach
5. EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
Event title
00 Month 20XX Confidential
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
Latvijas Banka Economic Conference 2018
3 October 2018Page 5
Uptake in 2018 and outlook on early 2019
RT1 user coverage should correspond to over 80% of STEP2 SCT volumes by Dec 2019
6. EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
Event title
00 Month 20XX Confidential
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
EBACL 2017
14.12.2017
Latvijas Banka Economic Conference 2018
3 October 2018Page 6
Evolution of RT1 in line with user needs
• TIPS instructing party functionality (with a single participant interface for transactions settling in RT1 or TIPS)
• Closed user group set-ups for no amount limit and shorter cut-off
• SWIFTNet instant as third connectivity option, next to SIANet and EBICS
Agile delivery of optional functionality to optimally support SCT Inst ramp-up
The genesis of our RT1 system was a collaborative effort of banks that were looking to create a euro instant payment of European scale quickly, efficiently, through cost sharing.
The system has already processed over 4 million transactions for a value of EUR 5 billion. We are talking about real money, delivered in real time, 24/7.
Full compliance with SCT Inst Scheme, including validation
Tx in RT1 are processed in real time and settled with instant finality. Processed tx are fully funded in central bank funds.
Protection of the Settlement Finality Directive
Based on SCT specifications, where possible, to support seamless co-existence and re-use of user-internal interfaces etc.
Delivered by a provider with a user-driven country-neutral governance and 15 years of experience in operating a pan-European ACH
Developed following a blueprint consultation with users and relevant stakeholders from all across SEPA
Flexible access and participation model for participants and other users, conceived to facilitate pan-European reach: participants can rely on other participants or technical service providers for connectivity or liquidity services
We now have 29 live participants and which provide reach to well over 1,000 Payment Service Providers from 13 countries today.