Published: 17.03.2020 Updated: 10.12.2020

This is a virtual platform for promoting creation and development of innovative and user-friendly payment solutions, based on instant payment technology, provided by Latvijas Banka. The work of this laboratory will help society, financial institutions and interested entrepreneurs to follow the development of possibilities of instant payments, proxy service and instant payment request service.

ZibLab++ helps payments market participants to jointly tackle practical and technological questions, creating products that are based on instant payments and using proxy and offer such innovative products to their clients.

The aim of the laboratory is to promote and coordinate development of interoperable, secure, user-friendly and innovative payment solutions in the Baltic region, using instant payments and proxy technology as the infrastructure backbone.

Tasks


1
Develop and encourage wide-spread usage of Proxy register, including in sales and e-commerce

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.

2
Promote wide-spread usage of instant payments, involving most innovative credit institutions

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.

3
Develop and implement an instant payment request service

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.

Highlights

10.06.2021

Public consultation on the SEPA Request-to-Pay Scheme Rulebook

The European Payments Council is launching a public consultation on the draft rulebook of its new Single Euro Payments Area (SEPA) Request-to-Pay (SRTP) scheme. The consultation will run for a 90-day period, from 2 June until 30 August 2020 and is available in website https://www.europeanpaymentscouncil.eu/document-library/rulebooks/public-consultation-sepa-request-pay-scheme-rulebook.  Latvijas Banka is currently developing the Instant Payment Request Service, which will be compliant with SEPA RTP scheme and connected to the appropriate SEPA solution, thus ensuring wide accessibility. The service will be available in 4th quarter of this year.

10.12.2020

Number of instant links exceeds 300000

More than 300 000 persons in Latvia and Estonia, i.e. 204 000 and 96 000 respectively, enjoy the convenience provided by the Proxy Registry of Instant Links, maintained by Latvijas Banka. They no longer have to remember bank account numbers or ask others to remember them; they make instant payments based on mobile phone numbers only. It will become even more convenient when Latvijas Banka starts offering interbank instant requests services in the near future.

08.12.2020

AS BlueOrange Bank joins instant payment scheme, using instant payment service provided by Latvijas Banka

By continuing the development of digital services, on December 8 BlueOrange Bank joins the SEPA instant payment scheme. BlueOrange Bank is the sixth bank in Latvia, which offers instant payments to its clients 24/7/365, including weekends an holidays. BlueOrange offers the highest limit for instant payments, up to 33’333 EUR for outgoing and 100’000 EUR for incoming payments respectively.

05.11.2020

Latvijas Banka is developing Instant Payment Request service

The introduction of instant payment requests at the interbank level is the next significant innovation that Latvijas Banka is working on in co-operation with commercial banks, also including the opportunities provided by the Proxy Registry “Instant Links”. This innovation will enable customers to make payments more easily and in a more diverse way, while the new service will open up the possibilities of instant and more convenient settlements in invoicing, e-commerce and shops. The facilities provided by Instant Payment Request service will be available as early as autumn 2021.

Read more

If you want to discover the opportunities Latvijas Banka offers and how they can add value to your idea, open section "Payment innovations".

If you want to get in touch with representatives of Latvijas Banka about ZibLab++, send us a message via Ziblab@bank.lv.