With just a few weeks to go before the first SEPA Instant Credit Transfer transactions can be processed, all payment service providers (PSPs) who will be ready on 21 November are now officially registered as scheme participants.
Fifteen percent of all European PSPs (i.e. those already participating in the other SEPA schemes) will therefore start to propose to their customers SCT Inst services from 21 November onwards. This is a very encouraging sign, showing that PSPs are willing to provide their customers with a new way to pay. A convenient and user-friendly payment instrument, SCT Inst will make it possible to move money – up to 15,000 euros at the beginning - from one account to another in maximum ten seconds, for national euro payments and also progressively between 34 European countries.
A very large majority (91 percent) of PSPs will act as both senders and receivers of SCT Inst transactions.
The EPC acknowledges the work done by these PSPs in a very limited period of time, on a voluntary basis: PSPs had indeed only one year to get ready for the scheme’s implementation by its effective date.
More PSPs from other countries are expected to adhere to SCT Inst in the coming months. They will therefore strengthen the network of PSPs proposing euro instant payments to their customers.
The EPC will continue to regularly monitor the registration of additional PSPs.
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