This infographic from the European Payments council (EPC) gives us some data about the Sepa Instant Credit Transfer 'in a nutshell'.

It explains how the Single Euro Payments Areas (Sepa) instant payments tool enables transactions up to an initial maximum amount of €15,000 can be transferred from one account to another within the 34 Sepa scheme countries within 10 seconds and will be available 24 hours a day, every day of the year.

The Instant Credit Transfer can be used in any situation that requires an instant payment, from sending money to a relative abroad, paying a restaurant bill or paying for deliveries.

However, the payment tool is not yet available and is currently in the public consultation phase. On 10 July 2016 there will be a review of comments, followed by publication of the scheme in November 2016. We will finally be able to make payments with the Instant Credit Transfer from November 2017.