As tasked by the Euro Retail Payments Board, the European Payments Council has finalized the framework for pan-European instant payment solutions. The SEPA Instant Credit Transfer scheme paves the way for innovative payment products in euros — for example P2P mobile payments — starting November 2017, according to a press release.

"Today's decision brings us one step closer to faster and easier to use, yet safe, payment solutions," said ECB Executive Board member Yves Mersch, who also chairs the ERPB. "The SEPA Instant Credit Transfer scheme ensures that innovations benefit end users across Europe. The scheme will also help accelerate further developments in the area of mobile payment solutions."

The ERPB is a high-level body chaired by the European Central Bank. Its mission is to bring together the supply and the demand side of the industry to address strategic retail payments issues.