In November 2015, the European Payments Council () published the ‘ proposal for the design of an optional euro Instant scheme’. With this document, the contributed to the debate on the development of instant payments in the Single Euro Payments Area (), as part of the agenda of the Euro Retail Payments Board ().
The members agreed upon a definition for instant payments during the December 2014 meeting. The also identified the need for at least one pan-European instant payment solution for euro that is open to any payment service provider () in the EU. The invited the supply side of the industry (in close cooperation with the demand side and with the active involvement of the as a potential scheme developer) to make an assessment of the issues related to pan-European instant payment solutions in euro to be presented at the meeting in June 2015.
The submitted its report on instant payments at the June 2015 meeting. The welcomed the report and invited it to present to the November 2015 meeting a proposal for the design of an instant Credit Transfer scheme ( Inst scheme) in euro, which could be adhered to by EU on a voluntary basis.
The further created a group (so-called High Level Group (HLG) on instant payments) that reflects the composition of the at the level of alternate members to offer guidance as needed to the regarding the development of the Inst scheme.
The consulted the HLG during the process of preparing the design between July and October 2015. The proposal containing the key features of the Inst scheme had been submitted to the and approved at the meeting on 26 November 2015.
Main aspects of the future Inst scheme
The proposal for the design of an Inst scheme covers the general features of this future scheme. It is based on the credit transfer payment instrument, for transactions in euro in countries. In order to make it as cost-efficient as possible for the scheme participants, it will have, where possible, the same foundations as the existing scheme (use of same business rules, datasets, attributes and exception handling).
This future scheme will be optional: all account servicing incorporated and/or licensed in any country will be allowed to adhere to it. Detailed features of the scheme will be outlined in the rulebook.
The Inst scheme does not specify how the clearing and the settlement of Inst transactions should or could be done. It is at the discretion of each future Inst scheme participant how it arranges for the clearing and the settlement of its future incoming and outgoing Inst transactions.