MobileP2P Interoperability
In modern society, MobileP2P addresses the growing importance of mobile phones as multipurpose initiation devices for financial transactions, changing consumer behaviour across multiple channels and with the potential to displace many different existing products and services. In different payment contexts, MobileP2P emerges as an attractive real-time funds transfer mechanism, where innovations in customer authentication and real-time payments converge to offer compelling instant payment functionality (i.e., immediate confirmation and availability of funds) and visibility for end-users. The arrival of multiple MobileP2P services generally contributes to strong market competition, with associated increases in service levels and attractive pricing. However, different approaches, positioning, standards, and attribute values might prevent universal, large-scale adoption. Closed-loop, non-interoperable solutions could limit future interlinking of networks and applications across Europe and lead to new fragmentation, failing to take advantage of the harmonisation and integration already achieved within the SEPA area.
- In a Joint Initiative of the principal MobileP2P scheme services in Europe, the Berlin Group, and MobileP2P infrastructure providers, a technical and functional architecture has been developed to enable the interlinking of regional MobileP2P scheme services based on existing bank (IBAN) and card (PAN) account references. The identified architecture offers a layered approach with efficient reachability and routing flexibility in the repository layer (confirming the mapping of a registered alias to a bank or card account) and three supported models in the clearing and settlement layer, one of which benefits from SCT inst. There is, however, no immediate evidence of sufficient demand for cross-border mobile payments (a dedicated Working Group of the Euro Retail Payments Board expected only a positive business case when including a C2B payment context). In designing the architecture, this business uncertainty prompted the need to avoid costly centralised solutions, expensive dedicated collateral/pre-funding arrangements, and high operational costs.
- The architecture has been further detailed in harmonised standards for decentralised open interfaces, data formats, and message protocols.
- Public market consultation for the MobileP2P Interoperability Framework took place from 03-02-2017 to 31-03-2017.
On 6 November 2020, Framework Version 1.2 was published, integrating Change Requests submitted by the EPC (European Payments Council) centralised SPL (SEPA Proxy Lookup) preferred proxy provider. Amongst others, these changes simplify the addressing of the receiver MobileP2P scheme ID in the relevant interfaces. In addition, the Berlin Group integrated some errata into the XML-based version.
You can download all MobileP2P documents here.