Payment services in Finland DIGITAL SERVICES AND PAYMENTS

RFI process for a new urgent payment system ended – further steps of the project under consideration

JOONA VUORENPÄÄ

Finnish banks are planning a new urgent payment system, which would allow customers in Finland and within SEPA to send urgent payments around the clock every day.

​In spring 2014, the Federation of Finnish Financial Services issued a Request for Information for potential suppliers. The 27 responses received have now been analysed and the RFI process has ended.

SEPA-wide reach of the new urgent payment system is one of the most important criteria for the Finnish banking community. At present this criterion is not met by the solutions presented in the RFI process. The banks continue the preparations in Finland for the new urgent payment system and also participate in the pan-European development for real time payments.