Instant payments - A gateway to digital finance in Europe

The Single Euro Payments Area Instant Credit Transfer Scheme (SEPA SCT Inst.) is a digital retail payment scheme that enables electronic transactions to be settled in real-time, including weekends and holidays. This could challenge the dominance of traditional cards or wire transfers, leading to further competition in the market. The European Commission aims to bring in legislation mandating an EU-wide instant payments scheme by the end of 2022. To achieve this, the Commission must include features such as making adherent banks offer SCT Inst. as their primary offering, supporting both sending and receiving instant payments, and providing free instant payments for consumers. Additionally, there is a need for more protection on payment certainty for merchants, assurance that instant payments are less risky than alternative options, and addressing interoperability issues between clearing and settlement mechanisms. The widespread adoption of instant payments could bring significant value to businesses in Europe, but challenges such as high transaction fees and limited payment limits must be addressed.

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