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World's Real-Time Payment Systems Tenth Stop: EU

A report by CYS Global Remit FinTech Development Team

In our latest update, we're diving into the world of EU's SCT Inst (Single Euro Payments Area Instant Credit Transfer). This innovative payment scheme, introduced in November 2017 within the Single Euro Payments Area (SEPA), is set to transform the way we handle money transfers in Europe.

SCT Inst enables lightning-fast electronic money transfers between participating European banks. Whether you're an individual or a business, you can now enjoy the convenience of making instant credit transfers in euros across SEPA countries, with funds reaching the recipient in a matter of seconds.

One of the standout features of SCT Inst is its availability around the clock, 365 days a year. Plus, it takes no more than ten seconds for the recipient's payment service provider (PSP) to confirm the transaction's success and make the funds available. While adoption is on the rise, it's important to note that the availability of instant payments can vary across SEPA jurisdictions.

SCT Inst doesn't discriminate; it covers all 36 SEPA countries, encompassing the 27 EU member states, along with additional countries in the European Free Trade Association (EFTA), Monaco, and San Marino.

This payment scheme has been a game-changer, significantly boosting the speed and efficiency of cross-border and domestic payments within the SEPA region. It's a win-win for both individuals and businesses, offering a seamless payment experience.

Exciting news on our end, CYS Global Remit is gearing up to introduce Real-Time payments via SCT Inst through our mobile application very soon. Stay tuned for more updates as we continue to enhance your financial experience!

Don't miss out on the latest developments; keep an eye on our channels for more information. Your seamless payment solution is just around the corner with CYS Global Remit.

Sources: ECB

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