SEPA Instant: how it works, advantages, and disadvantages
Digital payments are here to stay. Consumers, merchants, and financial institutions all expect to be able to make payments, settle bills, and transfer money at the drop of a hat.
And with the SEPA Instant Credit Transfer (also known as SCT Inst) scheme, sending and receiving money within the European payments areas is as fast as reaching into your pocket for cash. But what exactly is SEPA Instant?
In this explainer, we take a look at how a SEPA Instant Credit Transfer works, what advantages this instant payment format offers, and what the drawbacks are.