In October 2022, The European Commission published a new legislative proposal, with the objective to boost adoption of euro instant payments across the SEPA area and make them more easily accessible to citizens and businesses alike. However, are banks and payment service providers ready for this evolution in payments?

Instant payments, allowing individuals to transfer money at any time of any day within ten seconds, hold great promise and are intended to become the ‘new normal’ when transferring funds. Yet almost five years after the publication of the SEPA Instant Credit Transfer (SCT Inst) scheme by the European Payment Council (EPC), the uptake is deemed too low. 

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