CaixaBank and BBVA have partnered with Spanish payments provider Iberpay to process the first Requests to Pay between banks in Europe.
Starting in April, the pilot program has been conducting transactions in a controlled environment involving friends and family, with Iberpay overseeing the processing.
Request to Pay is a 24/7 payment request solution where the payee initiates an instant digital transaction. Once the payer accepts the request, the payment is immediately sent and deposited into the initiator’s account for immediate use.
The Sepa Request to Pay scheme, developed by the European Payments Council, aims to standardize and promote this payment method across the continent.
BBVA and CaixaBank assert that this initiative will revolutionize how individuals and businesses manage their payments in Europe, offering a secure and efficient digital alternative for B2B invoicing, including paying taxes and public sector fees.