Sepa Instant Credit Transfers (SCT-Inst) went live in 8 European countries today, with some 600 Payment Service Providers participating in the European Payment Council’s SCT-Inst scheme. Retail customers and businesses are able to transfer up to 15,000 euros (or more if a specific PSP wishes to offer a higher limit). The credit transfer should take under 10 seconds and can be in-country or between  participating countries.

Germany, Austria, Italy, the Netherlands, Spain, Estonia, Latvia, and Lithuania are now live, with a further 7 countries scheduled to come onboard during 2018-19. In all 34 countries are eligible to become part of the system.

On the clearing and settlement side, 7 providers including EBA Clearing’s RT1 service now support SCT Inst transactions.

“It is a great pleasure for us to confirm the successful go-live of RT1 on the start date of the SCT Inst Scheme. I would like to thank everyone who contributed to this major co-operative achievement,”

said Erkki Poutiainen, Chairman of EBA CLEARING. “The timely launch of RT1 adds another milestone to EBA CLEARING’s track record of delivering pan-European payment infrastructure in time, on budget and in line with the requirements of payment service providers across Europe.”