SEPA Instant Credit Transfer 

SEPA Instant Credit Transfer (SCT Inst) has been launched since Nov 2017 across EU as an optional Payment scheme for banks to participate in. Adoption has been mixed across the EU due to PSD2/Open banking implementation deadlines.

However many countries have taken a pro-active stance and have implemented SCT Inst at a domestic level with collaboration between banks and involvement of the Central Bank. These countries have a head start and have already started looking beyond SCT Inst to start offering various overlay services like making payments using Proxy details (Mobile Number/Email addresses), reducing the time limit for execution of instant payments, developing new services like Request to Pay to support wide variety of use cases.

It is clear from countries where SCT Inst is already live that collaboration between banks is a key factor for successful launch. With the final deadline for PSD2 passed, banks need to start looking at SCT Inst in conjunction with Open Banking to maximise the opportunities both offer.