Business Services

Countdown to 2017 launch for real-time credit transfers across SEPA

The European Payments Council has outlined plans for a new pan-European instant credit transfer scheme, which aims to bring real-time money transfers across the single euro payment area (SEPA) region. The plan for the instant credit transfer scheme, named SCT Inst, has been submitted by the EPC to and approved by the Euro Retail Payments Board, a body chaired by the European Central Bank. It is expected to be adopted in November 2017. The EPC says instant payments will be beneficial for suppliers as they will be able to receive funds as soon as they sell their goods and services. Having this 24/7 capability for all 365 days of the year will fill a gap in this area as there is currently no pan-European scheme that allows credit transfers to be processed instantly across the SEPA region. The SCT Inst scheme will operate in line with the European institutions' wish to further harmonise payment methods and remove any national barriers, at the ERPB's request. In order to maintain cost-effectiveness, the new form of transfer will have the same basis as the SEPA Credit Transfer scheme and the specific payment instrument that is used for transactions in euro in the 34 SEPA countries.


Note: News bulletin content has been provided by a third-party and is not the opinion of Santander

Other Articles

When you’re an established business, recruiting top talent in all the areas you need can seem like a never-ending challenge.


If you’re a start-up or small business, how can you put together an attractive employee package to appeal to top talent – graduate and…


Mexico is predicted to become one of the world’s top 10 economies in the next 10 or 20 years.

Stop fraud

More than one million incidents of financial fraud occurred in the first six months of 2016, according to official figures released by…

Santander’s Head of SME International Mark Collings discusses why exporting to new global markets may provide businesses with new and…

Where Next?