The Instant Credit Transfers 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:
Services
Entities may use any of the following services to process and settle their SCT Inst:
Processing figures in the SNCE
In 2023 Iberpay processed 726.1 million SCT Inst (25% more than in 2022), worth 103.646 billion euros (21% more than in 2022), through its platform CICLOM.
Iberpay's infrastructure processes a daily average of 2 million SCT Inst, worth over 234 million euros.
In Spain, 53,6% of all credit transfers processed in the Spanish Payment System (SNCE) are SCT Inst, versus an 16% average share estimated in Europe.
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 themASI6 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.
More information
For more information on how to join this subsystem, you may contact Iberpay via the following email: snce@iberpay.com.
Regulations
Functional documentation
Technical documentation