Countdown to 2017 launch for real-time credit transfers across SEPA

The European Payments Council has outlined plans for a new pan-European instant credit transfer scheme, which aims to bring real-time money transfers across the single euro payment area (SEPA) region.

The plan for the instant credit transfer scheme, named SCT Inst, has been submitted by the EPC to and approved by the Euro Retail Payments Board, a body chaired by the European Central Bank. It is expected to be adopted in November 2017. The EPC says instant payments will be beneficial for suppliers as they will be able to receive funds as soon as they sell their goods and services. Having this 24/7 capability for all 365 days of the year will fill a gap in this area as there is currently no pan-European scheme that allows credit transfers to be processed instantly across the SEPA region. The SCT Inst scheme will operate in line with the European institutions' wish to further harmonise payment methods and remove any national barriers, at the ERPB's request. In order to maintain cost-effectiveness, the new form of transfer will have the same basis as the SEPA Credit Transfer scheme and the specific payment instrument that is used for transactions in euro in the 34 SEPA countries.

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