Open Banking Archives - Technoxander

Critical IPR Compliance Deadlines for Banks Unveiled: Are You in Scope?

The recently unveiled IPR Compliance Deadlines mandates that all payment service providers (PSPs), E-money Institutions (EMIs) and Payment Institutions (PIs) must provide customers with the facility of instant SEPA credit transfers in euro. This includes both sending and receiving such payments, ensuring they occur in real-time—within 10 seconds of initiation. The facility must be available all day, every day, throughout the year. There is some ambiguity on who is in scope for Instant Payment Regulation and what are the applicable key compliance deadlines. Who is in Scope for IPR? What Channels are in Scope for IPR? The regulation covers all major payment channels, ensuring instant payments are accessible regardless of the medium used: Implementation Timelines The IPR stipulates phased implementation deadlines to accommodate varying readiness levels among PSPs: Exception – (until 9 June 2028): PSPs are not required to send instant euro payments from accounts denominated in their local currency if they don’t provide SEPA credit transfers for accounts today. The deadlines are set as per services provided and denomination of accounts provided by PSPs, EMIs & PIs across Eurozone and non-Eurozone member states. The timelines are proportional and leave adequate time for entities to upgrade systems and processes. The Instant Payment Regulation (IPR) is a big step towards streamlining payment systems across the EU, ensuring faster, safer, and more transparent payments processing. For banks and PSPs, this is more than just meeting a regulatory requirement—it’s an opportunity to enhance customer trust and operational efficiency while supporting the broader goal of financial inclusion. As the deadlines approach, early preparation and seamless integration of the necessary systems are critical to success. Ensure your compliance journey is smooth and efficient with TechnoXander’s Verification of Payee (VoP) solution. Whether you’re implementing instant payments for individual customers or bulk transfers for corporate clients, our robust, scalable, and regulatory-compliant VoP platform is here to support you. Contact us today at vop@technoxander.com to start your implementation and stay ahead of the IPR deadlines. rocessing. For banks and PSPs, this is more than just meeting a regulatory requirement—it’s an opportunity to enhance customer trust and operational efficiency while supporting the broader goal of financial inclusion. As the deadlines approach, early preparation and seamless integration of the necessary systems are critical to success. Ensure your compliance journey is smooth and efficient with TechnoXander’s Verification of Payee (VoP) solution. Whether you’re implementing instant payments for individual customers or bulk transfers for corporate clients, our robust, scalable, and regulatory-compliant VoP platform is here to support you. Contact us today at vop@technoxander.com to start your implementation and stay ahead of the IPR deadlines.

TechnoXander Joins UK Government’s G-Cloud 14 Framework for CoP

TechnoXander joins G-Cloud 14 framework by the UK government to provide cutting-edge Confirmation of Payee services across the country.

Episode 8: Going Beyond Open Banking

Podcast with Nilixa Devlukia – presented by TechnoXander.

Unveiling Finance: Open Banking Use Cases

With open banking paving the way there is a future of a more efficient, consumer-friendly financial ecosystem.

Episode 7: Ruwani Hewa Talks Open Banking

Podcast with Ruwani Hewa – presented by TechnoXander.

Episode 6: Open Finance & Transforming Banking

Podcast with Marie Walker – presented by TechnoXander.

Unveiling Finance- Navigating Open Finance in 2024

Open Finance is a portal to a monumental change in the financial services industry. It builds on the success of Open Banking where access to banking data is granted to Third-Party service providers through an API. It is access to financial data beyond just banking.