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SEPA Instant Credit Transfer: Where are we now and where are we heading?
Launched by the European Payments Council in November 2017, the Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) is an instant payments scheme enabling euro credit transfers within the SEPA area to be made in under 10 seconds. SCT Inst was designed for everyone: consumers, businesses, large companies and administrations. It works like a regular SEPA credit transfer but much, much faster; it is also open and accessible to users and service providers 24 hours a day, seven days a week. This paper reviews the progress of SCT Inst since its launch, its critical success factors, challenges and what the future holds for it.
The full article is available to institutions that have subscribed to the journal
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.