The public consultation on the Single Euro Payments Area () Instant Credit Transfer ( Inst) scheme, organised by the European Payments Council (), will run until 10 July.
All payment stakeholders including Payment Service Providers (), as well as end users and technical players, are encouraged to participate in the three-month public consultation, designed to ensure that the scheme reflects market needs.
The proposed scheme is the first in the world to be interoperable in a region as large as and is a response to European customer needs for faster payments. It will be a turning point in making pan-European instant credit transfers in euro a reality. Its proposed key features are to make available the funds (initially up to 15,000 euro per transaction) on the account of the payee within ten seconds, on a 24/7/365 basis, irrespective of whether the transaction is made between two accounts in the same country or in two separate countries.
Visit this page to learn more about the proposed scheme and the process to submit comments.
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