The European Payments Council (EPC) has announced the launch of the Single Euro Payments Area (SEPA) instant credit transfer (SCT Inst) scheme.

The EPC states that the SCT Inst scheme will enable individuals, businesses, corporates and administrations to make instant euro credit transfers between accounts across an international area that will progressively span over 34 European countries. The SCT scheme will allow the transfer of money, initially up to EUR 15,000, to another account in less than 10 seconds at any time and on any day of the year, including weekends and holidays.

Payment stakeholders are now invited to get ready for November 2017, the SCT scheme’s start date. The SCT scheme is optional, and the EPC states that its success will depend on the number of payment service providers (PSPs) that are willing to adhere to it. The EPC urges all PSPs to participate in the SCT Inst scheme, at least as receivers, and to apply as from January 2017 for adherence to the scheme.

View EPC launches SEPA instant credit transfer scheme, 30 November 2016