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