The Inst scheme: a world-premiere in a region as large as
Around the world, ‘instant’, ‘real-time’, and ‘faster’ payments are among the hottest payment topics. Many countries, including some in Europe, have already successfully launched instant payment solutions. However, currently these do not operate across national borders. The ’s Inst scheme, created in close collaboration with stakeholders from across the payment chain, will enable interoperable euro credit transfers in . In a maximum of 10 seconds, for transactions of up to 15,000 euro initially. In addition, can mutually agree to increase the transfer limit and speed. Users will be able to make these transactions anytime, including during weekends and holidays, all year round. The convenience of instant credit transfers, the immediate certainty that the money has left one account and is available for the beneficiary of the payment, will further increase the use of electronic payment methods over cash and cheques. If you wish to learn more about the characteristics of the scheme, our short video explains everything, and additional resources are available here.
From January 2017, will have the opportunity to adhere to the scheme and get ready for November 2017
The Inst scheme will enter into effect in November 2017. that plan to offer Inst transaction services to their customers as soon as November next year or shortly thereafter, will be able to adhere to the scheme as of January 2017. The publication of the Inst rulebook does not mark the end of the ’s work on instant payments. Quite the contrary, throughout 2017, we will monitor adherence to the new scheme, and track any implementation issues, which we will immediately address.
Flexibility is at the core of the scheme’s future evolution
To ensure that the scheme continues to meet future market needs, a change management cycle will be organised every two years as of 2018. And as the maximum amount of an Inst transaction is a key parameter, from 2018, this will be reviewed annually in addition to the change management cycle. These measures will allow the scheme to remain flexible and to change according to the feedback provided by its participants.
: get prepared and adhere to the Inst scheme!
The drive towards the digitalisation of our society and economy leaves no room for hesitation. In order to meet customer expectations, payments will continue to become faster, easier, and more accessible through mobile and digital devices. The Inst scheme is an excellent opportunity for to prove that payments can be ingenious and that they are firmly aboard the innovation train. The higher the number of adhering to the scheme in 2017 (at least as beneficiary ), the greater and more rapid its success will be. Even if your organisation is not ready to offer customers the possibility to make Inst transactions in November 2017, you should endeavour to be able to receive instant credit transfers as this will also benefit your customers. We therefore invite all to adhere to the scheme as soon as possible, and to create all together a new payment mode to satisfy your customers’ needs!
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