Instant Credit Transfer
SEPA Instant Credit Transfer, also called SCT Inst., is a credit transfer scheme created in November 2016 by the European Payments Council, enabling pan-European credit transfers where the funds are made available on the beneficiary account, with the below three key features (details available in the SCT Inst EPC rulebook):
- A target maximum execution time of 10 seconds
- A maximum amount of 100,000.00 EUR per transaction
- Availability 24/7/365 (including during inter-bank holidays)
When a Swan account receives a SEPA Instant Credit Transfer, the transaction is created in the
SepaInstantCreditTransferIntype with the
Bookedstatus related to the client account.
Once a credit transfer is initiated, there can be other transactions for the same payment linked to exterior events.
When the issuer of a credit transfer towards a Swan account asks their financial institution to recall a transfer issued by mistake the Financial establishment transmits this request to Swan so they can solicit the account holder and ask if they accept the recall of this transfer. If they accept, a second transaction is created with the
SepaInstantCreditTransferInRecalltype with the
Bookedstatus to debit the account.