"The EU has made instant payments the new standard. Thanks to the Instant Payments Regulation (IPR), every bank and payment provider in the euro area will soon have to offer 24/7, real-time euro transfers at the same cost as regular ones. For businesses, this isn't just another update to banking rules; it's a significant step toward faster settlements, better cash flow visibility, and smoother customer experiences."
"At the core lies the SEPA Instant Credit Transfer (SCT Inst) scheme, or simply SEPA Instant. It's part of the Single Euro Payments Area (SEPA), which unifies how euro payments move across 36 European countries. Until now, a standard SEPA transfer could take up to one working day. SEPA Instant cuts that to under 10 seconds, 24 hours a day, every day of the year, including weekends and holidays."
EU Instant Payments Regulation (IPR) requires every bank and payment provider in the euro area to offer 24/7 real-time euro transfers at the same cost as regular transfers. SEPA Instant Credit Transfer (SCT Inst) enables payments across 36 European countries in under ten seconds, including weekends and holidays. When a payer initiates a SEPA Instant payment, funds move directly between banks and the payee's account is credited almost immediately with confirmation to both sides. TIPS settles instant payments in central bank money for maximum reliability and cross-border speed. RT1 is a private-sector network interoperable with TIPS to ensure end-to-end processing.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]