Payment Service Providers ( ) across Europe can now register for the European Payments Council’s ( ) Instant Credit Transfer ( Inst) scheme in preparation for its starting date in November 2017.
The first instant credit transfer scheme to cover a region as large as , the Inst scheme will initially enable the transfer of up to 15,000 euros per single transaction in less than ten seconds at any time and on any day in an international area that will eventually span over 34 European countries.
Payments will inevitably become faster and increasingly digital, and the invites all to jump aboard the instant payments train. To broaden the reach of this optional scheme, the is letting join as originators and receivers of Inst transactions or simply as receivers. In countries where there is currently no instant payment solution, Inst can become the instant payment scheme enabling customers to make instant euro credit transfers within their country, as well as across . And in European countries where instant payments already exist, the Inst scheme will offer a pan-European platform benefiting consumers and e-retailers who are increasingly purchasing goods and services, working, travelling, and doing business across Europe.
wishing to register for the scheme ahead of the 21 November launch can find the application documents on the EPC website.
Our short video (1’50) outlines the characteristics and benefits of the Inst scheme: click here to see it.
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