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First step taken towards pan-European instant euro payments

The European Payments Council (EPC) has published its proposal for a pan-European instant credit transfer scheme.

The so-called SCT Inst scheme will provide the framework for instant credit transfers in euro in Single Euro Payments Area (Sepa) countries. This will enable people and companies to receive payment in euro for services and goods in the 34 Sepa countries in a matter of seconds. It will be the first pan-European instant payments scheme, although some national schemes do already exist.

According to the EPC, it is a “major milestone in the development of instant payments in euro across Europe”.

Following a period of developing technical and business rules for the SCT Inst scheme, as well as a public consultation, the EPC will publish the final SCT Inst scheme in November 2016 and it will come into effect in November 2017.

The scheme will be optional and will be based where possible on the Sepa Credit Transfer payment instrument.

Javier Santamaría, Chair of the EPC, called the Euro Retail Payments Board’s (ERPB)'s approval of the EPC proposal for the design of the SCT Inst scheme “a turning point in making pan-European instant credit transfers in euro a reality.” He also referred to the project as “the first of its kind in a region as large as SEPA”.  

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