SCT Inst scheme – Real-time payments arrive in SEPA by November 2017

On 12th of April 2016 the European Payments Council (EPC) launched the public consultation on SEPA Instant Credit Transfer (SCT Inst) scheme to ensure that the scheme reflects to market needs. The public consultation is open for three months, ending on 10th of July and during the consultation SCT Inst scheme will be elaborated.

What are the benefits of SCT Inst?

SCT Inst will provide faster way for money transfer between accounts within SEPA. The SCT Inst scheme will follow the existing SEPA Credit Transfer scheme as closely as possible, including its beneficial features. This provides great potential for time and cost savings during implementation.

Currently the optional SCT Inst scheme includes the following features:

  • Transferring money from account to another in ten seconds regardless of whether the transaction covers one or two SEPA countries.
  • Transfers are made in euro.
  • The preliminary maximum amount to be transferred is EUR 15,000 per transaction.
  • Higher maximum transaction amount and/or lower maximum execution time can be agreed bilaterally or multilaterally between individual scheme participants.
  • A technical capability to process the SCT Inst transactions on a 24/7/365 basis is required.

In November 2016 the finalised scheme rulebook will be published by the European Payments Council and it will be implemented by November 2017.

XMLdation, already today providing the leading payment validation and simulation solutions for implementation and customer onboarding, supports SCT Inst scheme and will be extended to cover SCT Inst as soon as the finalised scheme has been published.

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