The European Payments Council (EPC) has published the following consultation papers relating to the Single Euro Payments Area (SEPA) instant credit transfer (SCT Inst) scheme:
- a consultation paper on the SCT Inst scheme rulebook (EPC 004-16); and
- a consultation paper on the maximum amount for instructions (EPC 023-6).
The SCT Inst scheme rulebook describes the business and technical rules that payment service providers (PSPs) wishing to adhere to this optional scheme should follow. It states that the funds will be available on the account of the payee within ten seconds, on a 24/7/365 basis, irrespective of whether the transaction is made between two accounts in the same SEPA country or in two separate SEPA countries.
The deadline for both consultation papers is 10 July 2016.
View Consultation paper on the SCT Inst scheme rulebook (EPC 004-16), 12 April 2016
View Consultation paper on the maximum amount for instructions (EPC 023-6), 12 April 2016
View EPC press release, 12 April 2016