EUROPEAN UNION: SEPA Instant Credit Transfer Scheme Rulebook is published

Wednesday November 30 2016

The European Payments Council (EPC) has today published the first rulebook of the SEPA Instant Credit Transfer (SCT Inst) scheme. It will allow the transfer of initially up to 15,000 euro per single transaction in less than ten seconds, any time and any day, and in an international area that will progressively span over 34 European countries. Credit transfers can currently take up to one day, and in some countries sometimes even more if the originators of the payment initiate their credit transfer during, for example, the weekend. The SCT Inst scheme will offer digital-oriented, and fast alternative to conventional credit transfers.

Payment Service Providers (PSPs) now have one year to get ready to process the first SCT Inst transactions in November 2017, which is the starting date of the scheme. Adherence to the scheme will be possible as of January 2017 (information will be made available on the EPC website). As the scheme is optional, its success will depend on the number of PSPs which will adhere to it, at least as receivers of SCT Inst transactions.

The EPC created the SCT Inst scheme in one year after the recommendation expressed by the Euro Retail Payments Board. A broad spectrum of stakeholders from organisations of the whole payment chain were involved in the process.

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