With a launch date of less than a year away (Q4 2017) we asked banks across the EU how they are preparing for the introduction of the SEPA Instant Credit Transfer (SCTinst) scheme. The resulting white paper presents our findings on how banks from different segments, sizes and mindsets are responding.
Our research shows that the payments industry in Europe is undergoing considerable change. Regulators are pursuing policies aimed at increasing competition and innovation, new technologies are attempting to disrupt the status quo, and customers are demanding better, faster, and cheaper payment services. The use of real-time retail payment systems have steadily gained momentum in recent years. Our research shows banking executives are aware of the converging trends around banking digitalization and the importance of the real time scheme. In the paper we explore the current state of the market, use cases, obstacles and challenges as well as the future of banks.