Developments in fast payments in the Single Euro Payments Area

Abstract

The European Payments Council introduced the SCT Inst scheme to benefit end users by enabling real-time euro payments between payment service providers (PSPs) throughout the Single Euro Payments Area. The rapid development of the scheme during its first four years is testament to the collective vision and work of European PSPs in support of real-time payments. This paper explores the SCT Inst scheme’s significant progress, in addition to related developments and challenges in the field of payments. The paper finds that a critical mass of SCT Inst scheme participants and reachable payment accounts is forming in the euro area through a natural, market-based process in response to the benefits of the scheme for end users and PSPs.