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SEPA Instant Credit Transfer Read in Full SEPA Instant Credit Transfer The time to act is now! SEPA Instant Credit Transfer| The time to act is now! Contents SEPA Instant Payments - The time to act is now! 01 What is SCT Inst and what are key use cases? 02 What are Key drivers for SCT Inst? 03 SCT Inst – Current Participation Statistics across SEPA Zone 04 Route to Instant Payments adoption across Europe 05 Emergence of P27 - Nordics 06 Irish Outlook 07 Request to Pay – Game changer? 08 Offering Instant Payments 09 - Considerations for Banks - Considerations for Corporates What does the future hold for Instant Payments? 15 Ending Notes 02 SEPA Instant Credit Transfer| The time to act is now! SEPA Instant Payments - The time to act is now! SEPA Instant Credit Transfer (SCT Inst) has been launched since Nov 2017 across EU as an optional Payment scheme for banks to participate in. Adoption has been mixed across the EU due to PSD2/Openbanking implementation deadlines. However many countries have taken a pro-active stance and have implemented SCT Inst at a domestic level with collaboration between banks and involvement of the Central Bank. These countries have a head start and have already started looking beyond SCT Inst to start offering various overlay services like making payments using Proxy details (Mobile Number/ Email addresses), reducing the time limit for execution of instant payments, developing new services like Request to Pay to support wide variety of use cases. It is clear from countries where SCT Inst is already live that collaboration between banks is a key factor for successful launch. With the final deadline for PSD2 passed, banks need to start looking at SCT Inst in conjunction with Open Banking to maximise the opportunities both offer. 01 SEPA Instant Credit Transfer| The time to act is now! What is SCT Inst and what are key use cases? SCT Inst allows instant payment non-business hours. Banks can achieve incurring any penalties. Other use cases transactions in EUR currency to any significant cost savings by reducing cash of C2B also include ‘pay-on-delivery’ of beneficiary within Euro Zone within 10 costs arising from the distribution of cash, physical goods and ‘pay-per-use’ services. seconds. SCT Inst has potential applications ATM maintenance and security costs. in a variety of customer segments. Banks Increased usage of instant payments Business-2-Business (B2B) will have to develop a value proposition solution in the P2P segment will ultimately SCT Inst will be widely accepted for taking into considering existing use case, lead to a cashless society. corporate payments if limit is increased solutions available in the market and the (>€15,000). Banks can develop overlay characteristic of the service made available Consumer-2-Business (C2B) services around B2B invoice payments for to target customers. Following are some of A merchant can provide consumers corporates to implement ‘Just-in-time’ cash the relevant use cases with an alternate payment instrument management practices. Firms can achieve to cards for e-commerce and PoS retail cost savings by efficient use of cash and the Peer-2-Peer (P2P) transactions. This will lower the payment streamlining of the reconciliation process. Instant payments are likely to replace costs for merchants and reduce credit risk cash and checks for everyone with a bank for e-retailers on the sale of digital content Business-2-Consumer (B2C) account. The most suitable use case for such as music, movies and books. The Organisation can use instant payments for SCT Inst in the P2P segment includes: merchant can then pass the cost savings to salary and pension payments. This would emergency money transfer, remittance, customers in the form of loyalty rewards. provide the recipient with faster access to rent payment, restaurant bill split, and Likewise customers also have convenience funds. payment for second-hand good during with paying bills at last minutes without 3:00 pm 3:01 pm 3:02 pm 3:03 pm 3:04 pm 3:05 pm 3:06 pm 3:06 pm 01 02 03 04 05 06 07 08 C2B B2B B2C P2P Customer purchases an Funds are instantly “Just-in-Time” Funds are credited Publisher initiates Funds are Author remits Funds Funds are online book and pays credited to online cash management to publisher royalty payment to credited to to their family via available for via instant payment retailer account engine account author via instant author account Peer-2-Peer Instant author to be method available on initiates an payment as per Payment App withdrawn from retailer website automated instant contractual terms Bank ATM payment to the publisher from sale proceeds Stats: European Payments Council 09/09/2019 Figure 1. SCT Inst – Use Cases 02 SEPA Instant Credit Transfer| The time to act is now! What are Key drivers for SCT Inst? The psychology of Instant gratification is has provided organisations with a cheaper defining the characteristics of modern alternative to traditional payment methods. society. The expectation of the tech- Leading money transfer services and online savvy generations and digitalisation have retailers are increasingly looking to provide resulted in greater speed in all areas of virtual currency as an additional payment life. Furthermore, regulations like PSD2 are option to its customers. opening up banking ecosystem, fuelling the development of real-time payment Evolving regulatory landscape and platforms by FinTech firms. alternative to card payments PSD2 and SCT Inst will bring more Changing Customer Preferences competition to the cards market by offering ‘Power of Now’ – The demand for instant alternate payment options compared to services has forced the customer to traditional card payments offering range look for real-time solutions in social of choices to consumers and merchants. and commercial spaces. Consumers If the card industry fails to innovate at a increasingly expect convenience, 24*7 similar pace, PSD2 and Instant Payments availability and money that moves as fast will start giving a tough competition to as an email. Furthermore the adoption of existing card payments. mobile for daily activities and use of digital wallets solutions to transfer funds have EC has defined a clear objective to have increased drastically due to ease of use. pan-European instant payment solutions, such as paying for goods with a mobile Market Demand device or allowing money to move from Changing customer preferences has given any account to any account, anywhere rise to new service delivery model. The last in Europe in real time and 24/7. These decade witnessed the emergence of firms are seen as alternative to Cash and Card focussed on providing services that are payments. instant, easily accessible and available 24*7. Likewise there is increasing pressure from To support this objective, ECB developed the market for instant payment for services a pan-European Instant Payment rendered at low processing cost. system called TIPS which offers final and irrevocable settlement of instant payments Digitalisation and technological in euro, at any time of day and on any day advancement of the year. The adoption of new technology has drastically transformed the payments landscape over the past few years. The emergence of virtual currencies like Bitcoin and Ripple with near real-time settlement “TIPS could have the capacity to disrupt existing payment solutions - including cards, at least for euro denominated payments. With Instant Payments and the PSD2, Europe has launched two ambitious initiatives. Now we need to work together to create a fully digital European payments system that is open and fair for existing and new operators.“ Valdis Dombrovskis, VP Financial services, EC 03 SEPA Instant Credit Transfer| The time to act is now! SCT Inst – Current Participation Statistics across SEPA Zone 2069 PSPs 22 Countries Sweden (1) Finland (4) 51% European PSPs Estonia (5) UK (14) Latvia (4) Denmark (1) Lithuania (15) Netherlands (8) Republic of Ireland (2) Germany (1282) Poland (1) Austria (445) Belgium (20) Luxembourg (2) France (125) Bulgaria (2) Spain (88) Portugal (15) Italy (30) Monaco (1) Cyprus (1) Malta (4) Source: European Payments Council 04/11/2019 Figure 2. SCT Inst – Adoption across EuroZone 04 SEPA Instant Credit Transfer| The time to act is now! Route to Instant Payments adoption across Europe Banks across Europe have adopted a After a period of extensive end-to-end Scheme. Similarly hard timeout deadline collaborative approach for implementation (E2E) testing, the instant payments is 7 seconds compared to 20 seconds of SCT Inst to reap full benefits of the infrastructure went into production. Since under the SCT Inst Scheme. Also there is scheme. Below are some chosen examples then, banks have been gradually turning no maximum amount limit for transaction on how banks have taken up the instant up the volume: opening to more and more within Netherlands. payments journey in Europe. customers using mobile and internet banking channels. The potential single The E2E performance is more than Netherlands instant payment volume in these channels satisfactory: almost all transactions The four largest Dutch banks committed amounts to one billion transactions (>99.5%) are within 5 seconds. Uptime in early 2015 to build an instant payments annually. The implementation approach (24/7) is high and stable (>99.5%) and infrastructure under the programme is based on a controlled, stepped rollout Reject rate is well below half a percent. guidance of the Dutch Payments rather than a big bang. Association. All relevant stakeholders, including the Dutch Central Bank, have Currently 4 banks are member of the been involved from the start. From the SCT Inst scheme participating through beginning, the view has been that instant Equens Worldline as choice of CSM. Equens payments should become the new provides pan European reach through normal. Customers – both consumers and its TIPS Gateway offering.
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