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Opportunities and challenges for the SEPA Instant Credit Transfer scheme
Journal of Payments Strategy & Systems,
11
(3),
195-196
(2017)
Abstract
The SEPA Instant Credit Transfer scheme created by the European Payments Council and published in November 2016 came into force in November 2017. The scheme entails an innovative, fast and convenient method of payment for an international area that will ultimately encompass over 34 European countries. However, it also brings its share of challenges for payment service providers. This paper highlights the opportunities and difficulties raised by the scheme, and encourages all payment service providers to adhere to it as soon as possible. With the support of the European payment community, the SEPA Instant Credit Transfer scheme can be a success and profoundly change payments as we know them.
Keywords: instant payments; innovation; pan-European; clearing and settlement
The full article is available to subscribers to the journal.
Author's Biography
Javier Santamaría is Chair of the European Payments Council and of the Iberpay Board. He was Senior Vice President at Banco Santander until December 2016, having formerly served as Head of Operations and Business Services. He was also a member of the Board of the Euro Banking Association and a Director of the SWIFT Board until the end of 2016.
