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Payments & FinTech Lawyer

SCT Inst: A major step towards a standard, pan-European instant credit transfer solution

The SEPA Instant Credit Transfer (‘SCT Inst’) Scheme, launched by the European Payments Council (‘EPC’) in November 2017, is a major step towards the creation of a standard, pan-European, instant credit transfer solution. While instant payment solutions have been developed in certain EU Member States at a national level, the SCT Inst Scheme aims among other things to avoid fragmentation between how Member States’ own instant payment solutions are implemented and overall to make payments in Europe easier. Chris Martin of Eversheds Sutherland reviews the Scheme, its implementation so far and how it is set to develop in the near future. With the proliferation of payment options, from cards to mobiles, as well as the growing use of digital solutions for payments, consumers’ expectations in terms of timing, ease of use, and accessibility to funds, have become ever greater. The availability of media, news and information at all times and instantaneously, has further driven consumer expectations in terms of the services consumers expect to be available.

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