SEPA Instant Payments

SEPA Instant Credit Transfer (SCT Inst)

  

On this page, you find the 2017 SCT Inst Rulebook version 1.0 and associated documentation.

The 2017 SCT Inst Rulebook version 1.0 enters into force on 21 November 2017 at 08:00 CET and remains in effect until November 2019. The implementation guidelines relevant to the 2017 SCT Inst Rulebook version 1.0 are based on the 2009 version of ISO 20022.

For a definitive source of information regarding the rules and obligations of the scheme, refer to the SCT Inst Rulebook and the accompanying documentation.

Main characteristics of the SCT Inst scheme

Our short video and infographic explain all you need to know about the SCT Inst scheme.

  • A scheme designed for euro transactions

The SCT Inst scheme is a separate and new SCT scheme for euro transactions although the payment accounts held at Payment Service Providers (PSPs) operating within the Single Euro Payments Area (SEPA) for sending or receiving an SCT Inst transaction, do not have to be denominated in euro. As many as possible elements of the existing SCT scheme have been re-used to facilitate the implementation for the PSPs, their customers and other payment market players.

  • An optional scheme

The SCT Inst scheme is an optional scheme, PSPs operating within SEPA will not be obliged to adhere to the SCT Inst scheme. If a PSP wishes to adhere, it has to be at least reachable in the role of beneficiary bank.

  • A 24/7/365 availability

The services based on the SCT Inst scheme are available 24 hours a day and on all calendar days of the year.

  • An initial maximum duration of ten seconds

The underlying funds of an SCT Inst transaction have to be made available on the account of the beneficiary within a maximum execution time of ten seconds. The SCT Inst scheme explicitly obliges the originator bank to settle a successfully completed SCT Inst transaction to guarantee settlement certainty for the beneficiary bank.

The exact starting point of the SCT Inst scheme is from the moment when the originator bank is certain that all mandatory attributes for SCT Inst transaction processing between SCT Inst scheme participants, are present and valid in the SCT Inst instruction from the originator. The originator bank marks this starting point with a unique and unaltered timestamp.

SCT Inst scheme participants rely upon this timestamp to measure the maximum execution time of ten seconds to process an SCT Inst instruction. Within this timespan, the beneficiary bank has to report to the originator bank that either the funds have been made available to the beneficiary or that the SCT Inst transaction has been rejected. Mandatory positive and negative confirmation messages between the SCT Inst scheme participants will be used to facilitate such reporting.

SCT Inst scheme participants are free to agree on a bilateral or multilateral basis on a target maximum execution time of less than 10 seconds. This lower target maximum execution time only applies to those participants that have concluded such agreement.

If the maximum execution time of ten seconds cannot be met due to exceptional processing circumstances, the SCT Inst Rulebook foresees a hard time-out deadline and an optional SCT Inst status inquiry procedure. In any event, the originator bank can never unilaterally reject the SCT Inst transaction until the moment it receives a negative confirmation message reporting the failure of the SCT Inst transaction.

  • An initial maximum amount of 15,000 euro

The SCT Inst Rulebook defines a scheme default maximum amount limit of 15,000 euro per SCT Inst instruction. Any SCT Inst instruction having an amount higher than this maximum amount is rejected by the interbank parties involved in the process chain unless otherwise agreed between individual SCT Inst scheme participants or communities of SCT Inst scheme participants.

Adherence to the SCT Inst scheme

Adherence Documents

Applicants can download the adherence documents (Adherence Agreement, Schedule to the Adherence Agreement and the appropriate pro-forma Legal Opinion) for adherence to the SEPA Instant Credit Transfer Scheme here. Applicants should download all application documentation and complete each document for processing as described in the Guide to the SEPA Schemes Adherence Process  (the 'Adherence Guide').

Please ensure that you do not amend or otherwise alter the text of the pro-forma Adherence Agreement or Legal Opinion, except as required by the provisions of the Adherence Agreement or Legal Opinion itself. Any improper amendments or alterations of the text of the Adherence Agreement or Legal Opinion may result in your application being delayed or rejected. It is strongly recommended that the Schedule information be provided in an excel file (see template below). Alternatively, the Schedule information may be provided in a Word document (see template below).

Legal Opinion

The Legal Opinion must be completed and signed by either internal or external legal counsel for the Applicant. This means that the Legal Opinion must be completed and signed by a qualified lawyer who is qualified to practise under the laws of the jurisdiction that the Legal Opinion covers. It is essential that the Legal Opinion be completed and signed by qualified legal counsel. Signatures of senior members of the Applicant's organisation who are not qualified lawyers will not be accepted. For further information see the Adherence Guide, Annex E: FAQ, questions 17-27.

SCT Inst scheme-compliant Clearing and Settlement Mechanisms (CSMs)

The term payment system as defined in the Payment Services Directive (PSD), means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and / or settlement of payment transactions. In other words, a funds transfer system enables the exchange of funds (money) and messages between two PSPs executing a payment transaction. These funds transfer systems can be PSPs as well as separate business - public or private - entities (which may or may not be owned by PSPs).

In the SEPA context, a payment system in the meaning of a 'funds transfer system' is referred to as a 'Clearing and Settlement Mechanism' (CSM). Services offered by competing CSMs, based on the SEPA payment schemes, are governed by market forces and are outside the remit of the EPC as there is a clear separation between the EPC as the SEPA scheme manager and CSMs.

CSMs that wish to disclose their intent to become an SCT Inst scheme-compliant CSM are invited to address this intention by letter to the EPC. The disclosure letter is available on the EPC website.

The following CSMs have disclosed their intention, by letter to the EPC, to support full compliance with the SCT Inst scheme. 

   

EBA CLEARING (as of 21/11/2017)

 

equensWorldline (as of 21/11/2017)

Netherlands

Overseen by De Nederlandsche Bank

Iberpay (as of 17/07/2017)

Spain

Overseen by Banco de Espana

 

ACH ICBPI (as of 30/11/2017)

Italy

Overseen by Banca d'Italia

Lietuvos Bankas (as of 21/11/2017)

Lithuania

Overseen by Lietuvos Bankas

Nets A/S (as of 01/11/2017)

Denmark

Overseen by Finanstilsynet

STET (as of 21/11/2017)

France

Overseen by Banque de France

Companies offering messaging services to SCT Inst scheme-compliant CSMs

The following companies have disclosed, by letter to the EPC, their intention to offer messaging services to CSMs  that support full compliance with the SCT Inst scheme.

    

SIA (as of 01/01/2017)

Italy

Overseen by Banca d'Italia

 

The term payment system as defined in the Payment Services Directive (PSD), means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and / or settlement of payment transactions. In other words, a funds transfer system enables the exchange of funds (money) and messages between two PSPs executing a payment transaction. These funds transfer systems can be PSPs as well as separate business - public or private - entities (which may or may not be owned by PSPs).

In the SEPA context, a payment system in the meaning of a 'funds transfer system' is referred to as a 'Clearing and Settlement Mechanism' (CSM). Services offered by competing CSMs, based on the SEPA payment schemes, are governed by market forces and are outside the remit of the EPC as there is a clear separation between the EPC as the SEPA scheme manager and CSMs.

CSMs that wish to disclose their intent to become an SCT Inst scheme-compliant CSM are invited to address this intention by letter to the EPC. The disclosure letter is available on the EPC website.

The term payment system as defined in the Payment Services Directive (PSD), means a funds transfer system with formal and standardised arrangements and common rules for the processing, clearing and / or settlement of payment transactions. In other words, a funds transfer system enables the exchange of funds (money) and messages between two PSPs executing a payment transaction. These funds transfer systems can be PSPs as well as separate business - public or private - entities (which may or may not be owned by PSPs).

In the SEPA context, a payment system in the meaning of a 'funds transfer system' is referred to as a 'Clearing and Settlement Mechanism' (CSM). Services offered by competing CSMs, based on the SEPA payment schemes, are governed by market forces and are outside the remit of the EPC as there is a clear separation between the EPC as the SEPA scheme manager and CSMs.

CSMs that wish to disclose their intent to become an SCT Inst scheme-compliant CSM are invited to address this intention by letter to the EPC. The disclosure letter is available on the EPC website. 


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Read this interesting itw with @DHUSACorp representative regarding #InstantPayments, #PSD2 and #blockchain https://t.co/2maUXGlc9t
28/04/2017