The European Payments Council have announced that the first Instant Credit Transfer (SCT Inst) transactions can be processed, nearly 600 payment service providers, who will be ready on 21 November, and are now officially registered as scheme participants. There are 585 from eight countries:

• Austria
• Estonia
• Germany
• Italy
• Latvia
• Lithuania
• Netherlands
• Spain.

(The detailed list can be found in the EPC Register of Participants. It also includes scheme participants with a later readiness date [bringing the current total of registered Inst scheme participants to almost 1,000].)

Roll-out

SEPA Credit Inst will make it possible to move money – up to 15,000 euros at the beginning from one account to another in maximum ten seconds - initially just for national euro payments and then progressively between 34 European countries.

The EPC claim that, “A very large majority (91%) of PSP will act as both senders and receivers of Inst transactions. 

Future development

The EPC state that, “More PSPs from other countries are expected to adhere to Inst in the coming months.”

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CTMfile take: SCT Inst is going to change payment behaviour across Europe. Only three weeks to the beginning of the revolution.