Nearly 600 payment service providers from eight countries will be read...

Nearly 600 payment service providers from eight countries will be ready for the launch of SCT Inst in November

16 October 17

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With just a few weeks to go before the first Instant Credit Transfer ( Inst) transactions can be processed, all payment service providers () who will be ready on 21 November are now officially registered as scheme participants. 

There are nearly 600 (585 exactly), from eight countries:

  • Austria
  • Estonia
  • Germany
  • Italy
  • Latvia
  • Lithuania
  • the Netherlands
  • Spain

The detailed list of the ready for Inst from November onwards can be found in the EPC Register of Participants. It also includes scheme participants with a later readiness date (bringing the current total of registered Inst scheme participants to almost 1,000).

Fifteen percent of European ready for Inst from the start!

Fifteen percent of all European (i.e. those already participating in the other schemes) will therefore start to propose to their customers Inst services from 21 November onwards. This is a very encouraging sign, showing that are willing to provide their customers with a new way to pay. A convenient and user-friendly payment instrument, Inst will make it possible to move money – up to 15,000 euros at the beginning - from one account to another in maximum ten seconds, for national euro payments and also progressively between 34 European countries.

A very large majority (91 percent) of will act as both senders and receivers of Inst transactions.

The acknowledges the work done by these in a very limited period of time, on a voluntary basis: had indeed only one year to get ready for the scheme’s implementation by its effective date.

More from other countries are expected to adhere to Inst in the coming months. They will therefore strengthen the network of proposing euro instant payments to their customers.

The will continue to regularly monitor the registration of additional (the dates at which the list will be updated in the coming months are publicly available).

All PSPs wishing to adhere to the scheme can find further information on the EPC website.



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