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Fintech News for Payments professionals

SCT Inst transaction limit to be raised to EUR100,000

Source: European Payments Council

On 10 September 2019, the Scheme Management Board (SMB) – the body responsible for the administration and evolution of the Single Euro Payments Area (Sepa) payment schemes, decided to amend the maximum amount per Instant Credit Transfer ( Inst) transaction to 100,000 euros, effective as of 1 July 2020.

For the time being, the maximum amount an Originator can transfer via a single Inst transaction is set at 15,000 euros until the beginning of July 2020.

The document EPC023-16 sets the maximum amount per instruction that can be processed under the Inst scheme based on the 2019 Inst rulebook version 1.0, which has been published on 22 November 2018 and is effective as of 17 November 2019. This document is referred to in section 2.5 of the Inst rulebook and forms a binding supplement to the Inst rulebook.

Moreover, this document also gives the the possibility to adapt the maximum amount per instruction under the Inst scheme outside the regular scheme rulebook release management cycle as defined in the Scheme Management Internal Rules of the Inst rulebook.

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