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SEPA Instant Payments scheme goes live

Wednesday 22nd November, 2017

The European Payments Council has announced that the SEPA Instant Credit Transfer (SCT Inst) scheme is now operational. Nearly 600 payment service providers (PSPs) from eight European countries are offering instant payment solutions based on SCT Inst.

The scheme allows the electronic transfer of money in euros, currently up to 15,000 euros – progressively across Europe in less than ten seconds, at any time and on any day of the year including weekends and holidays.

585 PSPs participating in the SCT Inst scheme are located in eight European countries: Austria, Estonia, Germany, Italy, Latvia, Lithuania, the Netherlands and Spain. Customers from these PSPs can now make and receive instant euro credit transfers within their national borders as well as cross-border.

Nearly 15 percent of European PSPs already offer services based on SCT Inst offers an endless list of convenient uses for customers. With regular credit transfers, it can take up to one business day for the beneficiary to see the money in their account.

The geographical scope of SCT Inst will progressively span over 34 European countries as more PSPs from major European countries are expected to join the scheme in 2018 and 2019. Among them, PSPs from Belgium, Finland, Germany, Malta, the Netherlands, Portugal and Sweden.

Javier Santamaría, chair, EPC, says: "With its numerous advantages, the SCT Inst scheme fully anchors European payments in the anywhere, anytime digital world. SCT Inst is the only regional initiative of this kind in the world. The European payment community can be proud of the work achieved to make instant euro credit transfers a reality today."

"I can only encourage PSPs who have not joined SCT Inst yet to do it as soon as possible. This enhanced European payments integration will have tremendous benefits for European consumers and businesses alike."