Instant Credit Transfer

SEPA 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)

Incoming SEPA Instant Credit Transfer

When a Swan account receives a SEPA Instant Credit Transfer, the transaction is created in the SepaInstantCreditTransferIn type with the Booked status related to the client account.
You can simulate in Sandbox the reception of a SEPA Instant Credit transfer here.

Outgoing SEPA Instant Credit Transfer

That feature is not yet available.

Recall transactions

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 SepaInstantCreditTransferInRecall type with the Booked status to debit the account.