Tuesday 18 July 2017
A new voluntary European instant credit transfer scheme (SCT Inst) that will bring real-time money transfers across the Single Euro Payments Area (Sepa) is set to go live in November 2017.
Payment Service Providers (PSPs) are expected to be ready when SCT Inst goes live in five countries, Austria, Spain, Finland, Italy and Latvia. Overall over 600 PSPs could use SCT Inst services before the end of November. Germany, Portugal, Belgium, Sweden and some PSPs from the Netherlands plan to join SCT Inst in 2018.
SEPA Instant Credit Transfer scheme is intended to provide transfers of up to EUR15,000 within 10 seconds, 24/7/365, across borders between accounts in any of 34 Sepa countries.
Jean-Yves Jacquelin, Chair of the EPC Scheme Evolution and Maintenance Working Group said, “This is quite an encouraging figure considering the brief time PSPs had to upgrade their systems for real-time processing and 24/7 availability.”