CaixaBank and BBVA have successfully processed the first Requests to Pay (RTP) between banks in Europe, marking a significant milestone in the evolution of digital payments on the continent. The two Spanish banking giants collaborated with national payments processor Iberpay to carry out the transactions, which began in April in a controlled “friends and family” live environment.
The RTP model allows payees to request funds via an instant digital prompt, which the payer can immediately approve. Once accepted, the funds are instantly transferred and available to the payee for immediate use. Iberpay managed the end-to-end processing of the transactions, ensuring round-the-clock execution.
The pilot is built on the SEPA Request to Pay scheme introduced by the European Payments Council, which aims to standardise this innovative payment method across Europe. The system is designed to enhance flexibility and control for both payers and payees, especially for applications like B2B invoicing, tax payments, and public sector transactions.
According to BBVA and CaixaBank, this initiative has the potential to revolutionise how individuals and businesses handle payments, offering a faster, safer, and more transparent digital alternative to traditional invoicing and payment workflows.