The European Payments Council said earlier this week that it is launching the public commentary period tied to the Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) scheme.
As noted in a release by the council, the proposal would offer the first platform of its kind to be operational across the European region. The overarching theme is that Europe is in need of a faster payments scheme. “It will be a turning point in making pan-European instant credit transfers in euro a reality,” said the council in its statement.
Payment stakeholders, including payment service providers and end users, will be eligible to partake in the three-month public commentary period.
Under the tenets of some of the proposals that are in place, the scheme will include the 34 nations that are operating currently within SEPA. The credit transfers, to be done in euros, have an initial maximum amount of €15,000 per transaction.
The final scheme and the finalized rulebook, said SEPA, is to be published in November of this year and then will be implemented a year later. Transactions will go live in Nov. 2017. In the meantime, cost savings could be substantial, the firm noted, with financial institutions to shave as much as $20 billion in transaction costs annually.