SCT Inst was created for everyone: consumers, businesses, large companies, administrations. SCT Inst works like a regular SEPA credit transfer – but much, much faster. Instead of having to wait up to one business day to see the money in their account, the beneficiary receives the funds in a matter of seconds – ten seconds maximum, to be precise. The checks performed by the beneficiary’s PSP and the clearing and settlement of the transaction (i.e. the behind-the-scenes processes moving the money from one PSP to another) have to take place within this ten second threshold.

This is a challenging undertaking for PSPs in terms of risk management.To limit the risk of fraud, the maximum amount per SCT Inst transaction is limited to 15,000 euros for the time being. The transaction has to be denominated in euros, even if this is not the currency of the account of the originator and/or beneficiary of the payment.