Instant payment laboratory

Development of new payment solutions offers more options both in on-site sales, as well as in e-commerce. Card and cash payments are currently dominating such transactions, but instant payments, combined with usage of proxies, could replace these payments. Recipient of such payment will be able to instantly make sure that the payment is good, and give out the goods or provide the service, and only a smartphone or tablet is required for such transaction. This would allow entrepreneurs not to worry about special devices for receiving payments, also removing the need to worry about the security of cash circulation, altogether cutting costs.

By involving credit institutions in Estonia and Latvia, more than 95% of both countries' inhabitants will be given possibility to make payments comfortably and quickly, regardless of the fact that both parties of the transaction have an account with the same credit institution, or not. Moreover, with credit institutions getting involved in the Proxy register, it will be possible to make instant payments, knowing only the recipient's phone number.

The next step in the development of convenient and modern payments ecosystem, is implementation of interbank instant payment request service. When this service will be introduced, clients of credit institutions will be able to request a payment, regardless of the fact that both parties of the transaction have an account with the same credit institution, or not. The requestor of the payment will fill-in all transaction details, whereas the requestee would only have to approve the payment, if all details are acceptable. Moreover, instant payment request service, combined with Proxy register will offer possibility to request payment, knowing only the other party's phone number. Instant payment request service will offer more convenience both in person-to-person (P2P) payments segment and enhance the ease to pay bills (C2B), as well as allow further development of new payment solutions based on the service.