The instant payment scheme (SCT Inst), having a potential scope of 34 European countries that together form the Single Euro Payments Area, known as SEPA, launched on 21 November 2017 when the Bank of Lithuania implemented this solution in its payment system CENTROlink.
- Speed – the payer’s money will reach the beneficiary within seconds
- Convenience – funds are credited instantly even if they are transferred between accounts of different PSPs’ clients located in different countries
- 24/7 availability – instant payments are available 24/7, all year round, including weekends and holidays
- Increasing reachability – starting from November 2017, almost 600 payment service providers in 8 countries started providing the service. With the list of providers increasing, the service will eventually be available in 34 European countries, i.e. across SEPA
- Security – instant payments are as secure as usual payments (e.g. made via online banking or an app)
In the future making instant payments will be even simpler. Our goal is to ensure that in 2018–2019 indicating the account number would not be necessary – the payer would only have to know the mobile number of the beneficiary.