SEPA Instant Credit Transfer (SCT Inst), also called SEPA Instant Payment, provides for instant crediting of a payee, the delay being less than ten seconds, initially, with a maximum of twenty seconds in exceptional circumstances.
With the spread of smartphones and electronic commerce, the digitalisation of the economy entails a general acceleration of payments. Customers make internet purchases anywhere and at any time, including during evening hours, weekends and holidays – periods when most traditional electronic payments are not operational. Suppliers, on the other hand, want the certainty of being paid as soon as they sell their goods and services. The scheme fulfils these expectations.
|bunq B.V.||The Netherlands||11.12.2017|
|TransferWise Europe SA/NV||Belgium||04.06.2019|
|N26 Bank GmbH||Germany||04.11.2019|
|Revolut Ltd||United Kingdom||01.06.2020|
|Revolut Payments UAB||Lithuania||01.06.2020|