Start of the Public Consultation for First Pan-European Scheme Providi...

Start of the Public Consultation for First Pan-European Scheme Providing Customers with Euro Instant Credit Transfers

06 April 16

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The European Payments Council ( ) is today launching the public consultation on the Single Euro Payments Area ( ) Instant Credit Transfer ( ) scheme. 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.

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. 

Key features of the optional scheme

  • The geographical scope of the scheme spans across the 34 countries which are within the scope of the current SEPA schemes.
  • The scheme is based as much as possible on the existing Credit Transfer scheme and still includes many of its successful features. This has been designed to facilitate a faster and cheaper implementation for scheme participants.
  • It applies to credit transfers made in euro, up to an initial maximum amount of 15,000 euro per transaction.
  • The money will be available on the account of the payee within ten seconds.
  • Individual scheme participants can agree bilaterally or multilaterally (e.g., within a specific country) on a lower maximum execution time and/or a higher maximum amount if they wish.
  • All adhering scheme participants will have to be technically capable to process the transactions on a 24/7/365 basis.

How to participate in the public consultation?

The draft rulebook, the response template, and the instructions to participate in the public consultation are available on the EPC website. Stakeholders wishing to participate must take note that the public consultation will last three months and end on 10 July.

What will happen once the public consultation is closed?

The will review the comments received during the public consultation, in close collaboration with stakeholder representatives.

The finalised scheme rulebook will be published by the in November 2016 and will be implemented one year later. In November 2017, all live scheme participants will be ready to propose the first transaction solutions based on the finalised scheme to their customers in Europe. The short period between the publication of the scheme and the first transactions demonstrates the payment industry’s confidence in to adapt well to customers’ needs, and quickly implement major changes.

The Instant scheme in a nutshell in an infographic

This infographic summarises all you need to know about the scheme.




























To learn more about instant payments, visit the dedicated section on the website.

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