The European Payments Council () task forces involved in the development of the Credit Transfer Instant ( Inst) payment scheme have certainly not been idle over the past few months. A draft version of the rulebook (i.e. the business and technical rules governing a scheme) is almost ready and will be subject to a public consultation from 12 April to 10 July 2016.
Among the issues that have been progressed since the publication of the EPC proposal for the design of an SCT Inst payment scheme in November 2015, and its approval by the Euro Retail Payments Board, is the target for the maximum number of seconds an Inst transaction should last. Subject to the feedback to be received during the public consultation, the proposes to set it at 10 seconds. The further proposes to establish the initial maximum amount of an Inst transaction at 15,000 euros. These two parameters will be periodically reassessed, following a transparent change process, after the Inst payment scheme is implemented.
More information on this pan-European euro instant credit transfer scheme is available on the EPC website. The details of the public consultation are to come soon.
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