The development of the Instant Credit Transfer (SCT) is proceeding rapidly.
The European Payments Council have published the list of the first payment service providers (PSPs) that have announced their readiness for the SCT scheme on 21 November. 2017 when they will guarantee to move up to 15,000 euros from one account to another in maximum ten seconds anywhere in the SEPA region.
134 PSP from four countries (Austria, Estonia, Latvia and Spain) have already adhered to this new scheme, which will make possible to move up to 15,000 euros from one account to the other in maximum ten seconds. For example, major Spanish banks like BBVA, Caixabank, Sabadell and Santander are registered to send and receive Inst transactions.
Erste Bank in Austria, has also adhered to the scheme, but only to receive transactions, at least in the early days of the scheme.
In total, EPC expect over 600 PSPs from 10 countries to be ready by 21 November. The list, which will be updated regularly, is publicly available in the Register of Participants., here.
CTMfile take: SCT will change how consumers and businesses in SEPA carryout their business. Will you be ready to take advantage of the Instant Credit Transfer scheme?
Sepa Instant Credit Transfer explained in infographic
This infographic from the European Payments council (EPC) gives us some data about the Sepa Instant Credit Transfer 'in a nutshell'.
Q&A on the Sepa Instant Credit Transfer scheme
The EPC has published questions and answers on some of the main considerations on the Sepa Instant Credit Transfer scheme, which is currently up for public consultation.
EU prepares for SEPA Instant Credit Transfer
With five countries expected to adhere to the Instant Credit Transfer scheme, as well as 600 payment service providers, SCT Inst is expected to take off dramatically in the coming years