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Open Forum on Pan-European Instant Payments Frankfurt 17 April 2018 Open Forum on Pan-European Instant Payments Frankfurt 17 April 2018 Open Forum on Pan-European Instant Payments, 17 April 2018 Participants in the forum are reminded of their responsibility to observe anti-trust laws. The EBA Anti-Trust Policy is available at the EBA website. https://www.abe-eba.eu/media/azure/production/1352/eba_antitrust_policy_20170602_final_clean.pdf EBA Informationsveranstaltung Page 1 CUG Wien, 8. Mai 2018 Wolfgang Ehrmann Chairman Euro Banking Association WELCOME AND INTRODUCTION Open Forum on Pan-European Instant Payments, 17 April 2018 2 EBA Open Forum on pan-European Instant Payments … and now where is the demand side? • Wolfgang Ehrmann • Chairman of the Board Open Forum on Pan-European Instant Payments, 17 April 2018 3 Pan-European Instant Payments – three years from design to operations ERPB, 01. December 2014 EPC, 30. November 2016 EBA CL, 21. November 2017 Open Forum on Pan-European Instant Payments, 17 April 2018 4 The EBA Open Forum on pan-European Instant Payments Initiated by the EBA in response to the Euro Retail Payments Board’s (ERPB) call for action, the Open Forum on Pan- European Instant Payments was set in place in March 2015 and is geared at fostering a practitioners’ dialogue on service requirements for instant payments. The Forum will in particular serve to: • Support the “migration of minds” towards instant payments; • Foster a practitioners’ dialogue amongst PSPs at a pan- European level on Instant Payment service requirements; • Facilitate a dialogue with other stakeholders; • Understand the perimeter of a new collaborative space for infrastructure services to support Instant Payments; • Provide input into the up-coming Instant Payment Scheme discussion in Europe; • Liaise with EPC; • Liaise with industry initiatives and also at a global level. Open Forum on Pan-European Instant Payments, 17 April 2018 5 OFoIP: seven critical success factors 1: (non?-)relevance of use cases for the creation of an 4: building on existing technical instant payment environment foundations/ingredients where possible “Use cases are not the most relevant factor and they will “From a technical perspective, instant payments solutions evolve over time anyway. Instant payments will be used for a should re-use existing standards and infrastructure elements lot of different payments. PSPs should put in place where possible, taking into consideration both the pan- infrastructure and processes that are capable of supporting European and global aspect” multiple use cases and initiation channels.” 5: key customer needs with regard to instant payments “Customers will need immediate availability of funds and 2: time criticality of putting a solution in the market immediate confirmation of a successful transaction” “Speedy availability of instant payments will be key – the industry should aim for a quick start with a basic service 6: key pre-requisites at PSP level for instant payments allowing the development of additional products on top of this” “PSPs will need to connect to an instant payment infrastructure and ensure real-time booking in their internal systems and speedy AML and KYC checks” 3: need for a pan-European scheme-building effort “There is a need for transparent rules to ensure instant 7: pan-European reach as the key challenge for PSPs payment services will be secure, standardised and subject to one regulatory regime and set of access rules” “Establishing pan-European reach will be the key challenge” Open Forum on Pan-European Instant Payments, 17 April 2018 6 Pan-European Instant Payments are reality © EBA Clearing, 2018 EBA © Open Forum on Pan-European Instant Payments, 17 April 2018 7 Since its beginning, RT1 provided pan-European Reach © EBA Clearing, 2018 EBA © Open Forum on Pan-European Instant Payments, 17 April 2018 8 Number of participating banks is growing steadily © EBA Clearing, 2018 EBA © Open Forum on Pan-European Instant Payments, 17 April 2018 9 Instant payments – The new normal Open Forum on Pan-European Instant Payments, 17 April 2018 10 Part 1 ZOOMING IN ON CORPORATE TREASURY Open Forum on Pan-European Instant Payments, 17 April 2018 11 Boris Jendruschewitz Vice President Corporate Finance Otto Group Open Forum on Pan-European Instant Payments, 17 April 2018 12 EBA Open Forum on pan-European Instant Payments Boris Jendruschewitz – Vice President Corporate Finance April 17th , 2018 EBA Open Forum on pan-European Instant Payments April 17th, 2018 Agenda 1 The Otto Group 2 Use cases of Instant Payments in our main business areas 3 Our view on the future of Instant Payments 14 EBA Open Forum on pan-European Instant Payments April 17th, 2018 The Otto Group is one of the world’s largest online retailers . Founded as the mail-order company “Otto Versand“ in 1949, the Otto Group has been a family business since its foundation . Today, the Otto Group consists of 123 major companies operating in more than 30 countries in Europe, North and South America and Asia . The Otto Group is divided into three strategic segments: Multichannel Retail, Financial Services and Services . Currently, the Otto Group employs approximately 50,000 people . The Otto Group is one of the largest online retailers worldwide . Revenues in 17/18: EUR 13.7 bn (thereof EUR 7.8 bn eCommerce) 15 EBA Open Forum on pan-European Instant Payments April 17th, 2018 A diversified business: The Otto Group is a globally active group of retailers and retail-related service providers Multichannel Retail Services Financial Services (E-Commerce, catalogue sales and retail stores) (Logistics, procurement and other (Receivables management, retail-related services) innovative financial services) 16 EBA Open Forum on pan-European Instant Payments April 17th, 2018 Agenda 1 The Otto Group 2 Use cases of Instant Payments in our main business areas 3 Our view on the future of Instant Payments 17 EBA Open Forum on pan-European Instant Payments April 17th, 2018 Use Case ‘Retail’ From quick win to new business models Potential Instant processing of prepayments Vision New services (account information, returns, …) Near Time Access to new services and business models Medium Term Time 18 EBA Open Forum on pan-European Instant Payments April 17th, 2018 Use Case ‘Services’ Instant Payment against delivery 19 EBA Open Forum on pan-European Instant Payments April 17th, 2018 Use Case ‘Financial Services’ Instant Payment in debt collection calls 20 EBA Open Forum on pan-European Instant Payments April 17th, 2018 Agenda 1 The Otto Group 2 Use cases of Instant Payments in our main business areas 3 Our view on the future of Instant Payments 21 EBA Open Forum on pan-European Instant Payments April 17th, 2018 New technologies are going to create completely new business ideas There are various examples which could not be foreseen at the time of first introduction Initial point for E-Book-Reader Self-Publishing of books new business models Digitised books Self-publishing: unknown E.g. authorship courses authors make their work available to a wide audience . Instant Payments is not a disruptive technology, but can change the industry and associated sectors! 22 EBA Open Forum on pan-European Instant Payments April 17th, 2018 Why should management of all companies care about Instant Payments? At its core, Instant Payment is a finance Market implications topic with wide-ranging implications for finance processes. Company-wide However, the overall implications are likely to be implications much broader. A cross-functional and company- wide perspective is needed to grasp the potential for changes across the entire organisation. New Finance business implications models Instant Payments have the potential to gain strategic relevance and drive change in the market: New business models, changing customer behaviour or even entire new industries might emerge. The way we position ourselves for this technology may therefore become a key differentiator from our competition. Competitive advantage 23 EBA Open Forum on pan-European Instant Payments April 17th, 2018 “Request for payment“ may increasingly become standard for bank transfers Customer’s Completes shopping and payment application 1 2 Generates request for payment* (e.g. online banking or third- proceeds to checkout party payment solution) E-commerce * Message containing all relevant payment details which Online shop can be processed by the customer’s payment application customer 3 One-click confirmation 5 initiates a (SEPA) Confirms receipt of money credit transfer Money is transferred via Online shop’s bank 4 Customer’s bank SEPA credit transfer Higher convenience for the customer: Efficiency gains for the retailer: Credit transfer details are automatically populated Fewer reconciliation cases No need for manual input Less risky than direct debit: No return / rejection risk In combination with instant payment technology, requests for payment may become an efficient and secure payment method 24 EBA Open Forum on pan-European Instant Payments April 17th, 2018 Otto Group’s step-by-step implementation of an Instant Payment environment Step 3: „Request for Instant Payments“ via „Payment Initiation Service Provider“ Step 2: Reimbursements to customers via Instant Payments Step 1: Instant processing of received Instant Payments 25 EBA Open Forum on pan-European Instant Payments April 17th, 2018 Boris Jendruschewitz Vice President Corporate Finance - Otto Group Werner-Otto-Str. 1-7 22179 Hamburg email: [email protected] www.ottogroup.com 30 Norbert Hambloch Leiter Treasury STRABAG
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