MTEUROPAY is back!
Originally launched in 2020, MTEUROPAY serves as a central pillar in the Maltese SEPA payment processing industry. However despite the launch of SEPA Instant and mandatory reguatory timelines for SEPA Instant implementation, MTEURPAY at the time confirmed it will not add a SEPA Instant service creating challenging for FI’s and Banks connected to this service.
This is now set to change, in the fourth Quarter of this year, MTEUROPAY will be adding SEPA instant payments to its service with Direct routing to TIPS via Central Bank connectivity across an ISO 20022 compliant messaging framework.
The Advantages of MTEUROPAY
- This is Central Bank of Malta initiative which guarantees safety and peace of mind
- It is a single platform that is able to generate both SEPA and SEPA Inst payments
- Offers SEPA Credit Transfers and SEPA Direct Debits both Core and B2B
- High availability and secure connectivity framework directly to EBA
- Offers tailor made solution in cases of connectivity to other systems such as Target platform
- Compliance with latest regulatory standards in terms of legislation
The Central Bank of Malta will offer an initial one to one guidance meeting to understand how it can assist. There will be a structured testing and certification process and support for first participant onboarding, of course technical onboarding documentation will also be provided.