Instant payments, real time bank transfers throughout Europe
Instant transfers are reality. From now on, it will be possoble to make real time bank transfers, any day and any time of the year. In practice, within a maximum of 10 seconds, the desired amount is deduced from the debit account and immediately made available to the beneficiary.
This new service is based on the SCT Inst scheme, which stands for SEPA Instant Credit Transfer, defined by the European Payment Council, and takes advantage of the RT1 platform by Eba Clearing, the company that provides pan-European payment infrastructure solutions. RT1 is the first pan-European platform for real-time payments in Euro and has been developed with the support of SIA as technological partner and the support of 39 European banks, including Sella, UniCredit and Intesa Sanpaolo, among the Italians.
These three banks also are the first to provide the new service in Italy. The transfer can be made to any of the 34 countries that are part of the SEPA area, up to a maximum amount of 15000 Euro. EBA Clearing expects that in 2018 the expansion of SCT Inst membership and of the instant transfer platforms such as RT1 by other banks in Italy and in the Sepa area, will lead to a significant spread of this new payment system.
Specifically, Sella group customers, can already receive instant cash transfers and, by the end of the month, they will be able to carry them out. Bank transfers are available through internet banking and the Sella.it application. Progressively they will be available at branch offices as well.
Banca Sella also made available the instant transfer service to startups and companies through its platform platfr.io. In fact, Banca Sella has launched the first «open banking platform» in Italy and among the first internationally by opening its API (Application Programming Interface) to its customers and making its technology and information infrastructure accessible to enterprises and startup companies.