S4_1_1_Francis De Roeck (OK to publish) .pdf

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febelfin
academy
Focus on Instant Payments
Update on the Scheme and the
New Regulation.
Francis De Roeck
Payments Expert
D...

Agenda
̶ Realtime payments in the world
̶ The SCTinst scheme
̶ Use cases & “New Normal”
̶ The new Instant Payment Regulati...

Realtime payment in the world
3

Real-time payments in the world

Brands with the highest number of real-time (instant)
payment transactions worldwide in 2022(in billions)
https://www.stat...

Real time payments by region

7
65%

8
(source ECB)

The SCTinst Scheme
9

Key features of € real-time payments
 10sec Immediate Availability: Funds are accessible to the recipient within seconds....

Conceptual flow of an SCTinst

SCT inst R-message flows
SCT Inst scheme participant must channel Rejects, Recalls and RFROs through the same Clearing and...

SCT inst ISO2022 message flow

SCTinst EPC references
̶ SCTinst Rulebook v1.2:
̶ https://www.europeanpaymentscouncil.eu/sites/default/files/kb/file/2023-...

Use cases & “New Normal”
15

SCT inst use case – only this?
̶ Split the bill
̶ To bid in an auction
̶ For donations
̶ To pay taxes in time
̶ Buy a seco...

Other use cases
̶ Continuous processing
̶ Embedded transactions (ex. in-car payments – via SRTP? )
̶ Internet of things
̶ ...

What about ‘New normal’ ?
̶ This is not “every transfer in 10sec”
̶ It is about re-using the “instant rails” for CT proces...

The new Instant Payment Regulation (IPR)
19

What‘s in this new regulation?
A. Definition of instant payments
B. Regulated matters:
1. Reachability (who need to be con...

Definition of instant payments
̶ The scope of the regulation is for all Instant payments in Euro on all (basic)payment acc...

Definition of instant payments
̶ No news within 10sec = bad news = reject of the transaction.
̶ The beneficiary is always ...

Source : EPC
Important Q&A clarification, the settlement message of the payment mechanism in the middle may be
considered ...

Reachability on 23/10/2023
SCT Inst scheme adherence breakdown per EU country
Register of SEPA Payment
Scheme Participants...

Reachability
̶ For all PSP that have adhered to the EPC SCT ‘classic’.
̶ Also for Payment Institutions and e-Money Institu...

Pres EPC117-24
26source
SCT Inst Rulebook 2025 version 1.0 - Timeline
SEPA Instant Credit Transfer (SCT Inst) Rulebook in ...

Pricing
̶ The pricing of a real-time payment need to be equivalent to a corresponding ‘classic’ credit
transfer in euro,
̶...

IBAN – Name verification
̶ For ALL credit transfers: instant credit transfers and ‘classic’ credit transfers.
̶ Verificati...

IBAN – Name verification
̶ If a payer can send via the Payers’ channels the name + LEI, VAT, Unique EU identifier…
In thi...

IBAN – Name verification
̶ A PSP is not liable for the execution of a payment to an unintended payee
provided it has fulfi...

Pres EPC117-24
source EPC EPC
• In line with new IPR regulatory requirements
(Article 5c, amended SEPA Regulation) by
desi...

Pres EPC117-24
32
The 2025 VOP Rulebook - Overview
 The 2025 VOP Rulebook version 1.0 was published on 10th October 2024
...

Pres EPC117-24 33
VOP Scheme – High Level Flow
(1)
(5) (5)
(0) after VOP scheme adherence is confirmed, the EPC and VOP sc...

Pres EPC112-24
34
Focus: EPC Directory Service
 API-based schemes (such as VOP) require the management of a centralised d...

Filtering and Sanctions screening
(1/3)
Rationale
̶ The today’s transaction-based screening of instant payment (mainly for...

Filtering and Sanctions screening
(2/3)
̶ PSPs that do not execute instant credit transfers in euro, including PISPs are n...

Filtering and Sanctions screening
(3/3)
̶ During the execution of an instant credit transfer, the payer’s PSP and the paye...

Instant credit transfers
Application of deadlines for individual requirements (1)
Non-Euro area
Euro area
What?
33 months
...

Access to payment systems for PI and EMI
 Payment Institutions (PI) and eMoney(EMI) Institutions will be included in the ...

Timeline
 26/10/2022 Draft proposal from the Commission
 28/11/2023 Publication of the final compromise text (Commission...

Thank you!
www.febelfin-academy.be

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