As of November 2016, they have one year to get ready to process the first SCT Inst transactions in November 2017, proposing innovative, digital, and fast payment solutions to their customers.
The SCT Inst scheme is enabling individuals, businesses, corporates and administrations to make instant euro credit transfers between accounts across an international area that will span over 34 European countries.
Created by the EPC, in collaboration with stakeholders from across the payment chain, this scheme will allow the transfer of money, initially up to 15,000 euro, to another account in less than 10 seconds, at any time and any day of the year, including weekends and holidays. Presently, it can take up to one day.
The SCT Inst scheme is optional, and its success will depend on the number of PSPs which will adhere to it. The EPC therefore 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.
PSPs willing to increase the amount limit and transaction speed can bilaterally or multilaterally agree to do so. The maximum amount will be reviewed annually as of November 2018, to ensure that it reflects technical evolutions and market needs. In addition, a regular change management cycle, open to all stakeholders, will be organised.
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