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The names of the first payment service providers ready for SCT Inst are revealed


The EPC published the list of the first payment service providers (PSPs) that have announced their readiness for the SEPA Instant Credit Transfer (SCT Inst) scheme on 21 November.

134  PSPs from four countries (Austria, Estonia, Latvia and Spain) have already adhered to this new scheme, which will make possible to move up to 15,000 euros from one account to the other in maximum ten seconds.

For example, major Spanish banks like BBVA, Caixabank, Sabadell and Santander are registered to send and receive SCT Inst transactions. A banking group from Austria, namely Erste Bank, has also adhered to the scheme, but only to receive transactions, at least in the early days of the scheme.

In total, we expect over 600 PSPs from six countries (on top of those already mentioned, Finland and Italy) to propose SCT Inst services to their customers from 21 November onwards.

The complete list of  PSPs ready for SCT Inst in November will be updated mid-October, once the EPC receives the information from these PSPs.

The list is publicly available in the Register of Participants.

Author: Totally Admin Account
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