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The European Payments Council (EPC) released its proposal for the design of a pan-European instant credit transfer scheme, dubbed SCT Inst scheme. This proposal is part of the Euro Retail Payments Board’s (ERPB) agenda on instant payments. Instant payments are available any day and at any time, and processed end-to-end within seconds.
The EPC proposal covers the general features of the future SCT Inst scheme, which will be used for instant credit transfers in euro in Single Euro Payments Area (SEPA) countries. It is a major milestone in the development of instant payments in euro across Europe. The EPC will now address several pending issues, and develop the business and technical rules of the SCT Inst scheme. After a public consultation, the scheme is targeted to be...
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