The public consultation on the Instant Credit Transfer ( Inst) scheme is currently running and will end on 10 July 2016. This scheme will be a turning point for making pan-European instant credit transfers in euro a reality.
Once this scheme enters into effect, in November 2017, Payment Service Providers () in will be able to facilitate instant credit transfers for transactions up to the value of 15,000 euro, 24/7/365 for their customers (individuals and businesses). The funds will be available within ten seconds, as opposed to the average 24 hours it can currently take. This optional scheme will be available for euro transactions made in the same country, as well as between two separate countries.
All stakeholders (, end users, technical players) are encouraged to participate in the public consultation and to have their say on the Inst rulebook, which defines the business and technical rules to be followed by that wish to adhere to the scheme. Detailed information on the scheme and public consultation are available on the EPC website. In addition, this infographic summarises the key features of the Inst scheme.
Between 10 July and November 2016, the will review all comments, and decide with the additional input of payment stakeholders’ representatives, which should be taken forward and included in the updated rulebook. The consolidated rulebook will be published in November 2016, and implemented one year later.
With only a few weeks left before the public consultation closes, the strongly recommends all interested parties participate in the consultation as soon as possible. The looks forward to this participation in order to ensure the Inst scheme meets market needs and will be adhered to by as many as possible.
If you would like to comment on this article, please identify yourself with your first and last name. Your name will appear next to your comment. Email addresses will not be published. Please note that by accessing or contributing to the discussion you agree to abide by the EPC website conditions of use.