The instant payments space had been gaining significant traction in recent years, and access to immediate funds has become paramount for consumers and businesses in particular in the current pandemic.
We
launched the Instant Credit Transfer (SCT Inst) scheme almost three and a half years ago, and since then the
scheme has kept on growing. We strongly encourage the further take-up
of instant payments, which will enable European payment service
providers to contribute to more innovation and harmonisation of payments in Europe. So here we're exploring the scheme’s most significant achievements, opportunities, challenges, and future goals.
We hope that these successful developments will incentivise that have not yet decided to rapidly join the scheme. If your institution plans to become an SCT Inst scheme participant, we would be happy to guide you through the adherence process.
SCT Inst’s growth and performance in a few key figures
As of April 2021, the scheme includes 2,310 payment service providers or from 23 countries in Europe – that is fifty-eight percent of the total number of participants in SCT Inst and over sixty-eight percent of the total number of participants in the euro area.
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The volume of transactions in the fourth quarter of 2020 represented almost eight percent of the total volume - compared to five-and-a-half percent in the fourth quarter
of 2019. This rapid growth is expected to continue in the coming
quarters.
EPC
© European Payments Council
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