The European Payments Council (EPC) has announced that its Single Euro Payments Area instant credit transfer (SCT Inst) scheme is operational. The scheme allows the electronic transfer of money, currently up to EUR 15,000, across Europe in less than ten seconds, at any time and on any day of the year, including weekends and holidays. The transactions covered by the scheme must be denominated in euros. SCT Inst payments are currently available at nearly 600 payment service providers (PSPs) in Austria, Estonia, Germany, Italy, Latvia, Lithuania, the Netherlands and Spain. Other PSPs from the following countries are expected to join the scheme in 2018 and 2019: Belgium, Finland, Germany, Malta, the Netherlands, Portugal and Sweden.
View Launch of SEPA instant credit scheme, 21 November 2017