The SEPA Instant Credit Transfer scheme (SCT Inst), which operationalised euro-based Instant Payments, first went live in late 2017. Several years later, Instant Payments have still yet to see widespread adoption across Europe. While there are many explanations for this, most boil down to a combination of differing degrees of cooperation by financial institutions across regions, business models that discourage end user adoption due to high prices, and some attitudes of “wait and see” by some banks.
However, in October 2023 the European Commission is expected to mandate that all PSPs offer instant payments as well as a few other changes meant to encourage Instant Payment adoption.
The requirements should not be a surprise to anyone as the European Commission (EC) has already issued a proposal back in October 2022 on what those requirements should be, including:
Some of those requirements expected to be mandated include:
These proposed changes, whether mandated or not, which will mean extensive changes in some markets and less in others – depending on varying levels of readiness across markets. This webinar discusses the state of instant payment adoption across Europe and offers insights into how ongoing changes such as the aforementioned EC directive and the upcoming PSD3 will affect the instant payments market in geographical Europe over the next few years.