SEPA Instant Credit Transfer: Where are we now and where are we heading?
Abstract
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.
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Author's Biography
Javier Santamaría is Chair of both the European Payments Council and the Iberpay Board. He has broad and balanced expertise in the intertwined dimensions of payments — business-related, operational and technical — across different client segments and product lines in both legacy and innovative spheres. He has experience in both cooperative and competitive environments and is further developing this expertise as an independent professional. His professional interests extend to a variety of banking fields and he continues to be actively engaged in academic matters.
