26 November 2015 is an important milestone for instant payments in Europe. The European Payments Council () proposal for the design of a Single Euro Payments Area () instant credit transfer ( Inst) scheme was submitted on that day to the Euro Retail Payments Board (), and approved.
In this blog post, Anthony Richter, Chair of the ad hoc task force on instant payments, highlights the major features of this budding scheme, as well as the next steps to make it a reality.
The proposal for the design of an instant credit transfer scheme is part of the agenda on instant payments. It covers the general features of this future optional scheme, which will be based on the credit transfer payment instrument, for transactions in euro in countries.
The has invited the to proceed with the development of an Inst scheme on the basis of its proposal. The will now address the remaining open issues (such as the maximum number of seconds needed to process an Inst transaction) and then start developing the Inst Rulebook and Implementation Guidelines. Actions under the responsibility of other parties (e.g. the clearing and settlement details) are expected to be carried out in parallel.
The plans to release the draft Inst Rulebook and Implementation Guidelines by the summer of 2016. It will be followed by a three-month public consultation. The target date for the publication of these items will, therefore, be November 2016.
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