SCT Inst – Instant EUR Payments from 21-Nov-17 – Woohoo!

We’re less than 2 months away from instant EUR payments within the Single Euro Payments Area. While i was reading up on the SCT Inst scheme, i came across a couple of pretty cool and informative SCT Inst infographics that i thought i would share with you. First a quick rundown of SCT Inst:

SCT Inst – Key Features:

  • EUR Payments within 10 seconds
  • SCT Inst limit of 15,000 EUR per transaction
  • SCT Inst scheme will be available 24/7/365
  • Remittance information consists of 140 characters, all of which is passed to the beneficiary
  • At Go Live (21st November, 2017), not all countries, Payment Service Providers and Clearing & Settlement Mechanisms will support SCT Inst
  • The SEPA Credit Transfer Payment File (PAIN.001) must include the following tags

Customer Credit Transfer Initiation V03
+Payment Information
++Payment Type Information
+++Local Instrument
++++Code – = “INST”

SCT Inst – The SEPA Instant Credit Transfer Scheme in a Nutshell

Ref: European Payments Council

SCT Inst – A New Era in Payments

Thanks for stopping by – Take a look around…!!

Ref: European Payments Council

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