Instant Credit Transfers

 

The Instant Credit Transfer Subsystem

In November 2017, Iberpay launched the interbank infrastructure to process and settle SEPA Instant Credit Transfers (SCT Inst), to send and receive credit transfers between payment accounts in real time and 24x7, ordered and received to and from any country in the SEPA area.

Iberpay's Instant Credit Transfers Subsystem is fully compliant with the SEPA Instant Credit Transfers Scheme Rulebook (SCT) of the European Payments Council (EPC).

To provide participating entities with full reachability in the SEPA area, Iberpay offers interoperability links with the pan-European services: EBA Clearing's RT1 and the European Central Bank's TIPS service. 

A total of 107 entities have adhered to this service, representing over 99% of the market share of retail payments in Spain.

The main characteristics of this service are:

  • Real-time processing and availability 24x7x365.
  • Maximum execution time of 20 seconds (time-out) to process the transaction.
  • Instant availability of funds to the beneficiary's account.
  • Instant credit transfers (SCT Inst) have no amount limit, while OCT Inst (One-Leg-Out) transactions are capped at a maximum of €100,000 per transaction.
  • Messages exchanged based on the ISO 20022 standard.
  • Functionalities for settlement-related risk management for entities through the information of Iberpay’s technology platform
  • Online information on availability of entities, reporting exceptional situations when a participating entity is not available.

 

Services

Entities may use any of the following services to process and settle their SCT Inst:

  1. LTR service: for real-time processing and settlement of SCT Inst.
  2. Link with TIPS service: connection with the Eurosystem's TIPS service for processing and settlement of SCT Inst in real-time. This services provides access to over 1.450 entities participating in TIPS. More information
  3. Link with RT1: connection with EBA Clearing's RT1 service for processing and settlement of SCT Inst in real-time. This service provides access to over 2.200 entities participating in RT1. More information

 

Access and admission procedure

To participate in the Instant Credit Transfers subsystem, it is necessary to be a member of the SNCE and adhere to the corresponding EPC scheme.

Participation in this service implies adherence to them LTR service in order to mitigate any risk of settlement for high-amount transactions, or as settlement contingency for entities.

For information regarding the formal and technical requirements to participate in the subsystem, please click here.

For more information on how to join this subsystem, you also may contact Iberpay via the following email: snce@iberpay.com