Countdown to SEPA inst
SEPA instant payments (SCT inst) is the first instant payment scheme to be inter-operable in a region as large as SEPA and is a response to European customer needs for faster payments. From November 2017, customers of participating banks will be able to send money to accounts in 10 seconds regardless of the SEPA countries involved in the transaction, and can do this 24/7/365.
Tom Kelleher, Icon’s Commercial Director, said “SCT inst is above all an opportunity for early adopters to launch game-changing products with value-added services to grow new business and revenues. Long term it could also help create more cost efficiencies for banks driven by automation and the simplification of operations.”
Icon’s Instant Payments Framework ready for SCT inst
Tom Hay, Icon’s Head of Payments, added “Financial institutions are already under pressure to transform their infrastructure in line with ever-changing regulations, but now there will also be the added pressure of changing back-office processes and customer channels to include SCT inst. IPF is a real time payments engine and accelerates the transition to instant payments without the need for the re-engineering existing payment systems. This means that our customers can ensure they’re early to market and can realise the benefits of SCT inst quicker and effectively.”