The Scheme Management Board (SMB), who manages the European Payments Council (EPC) Single Euro Payments Area (SEPA) payment schemes, has increased the maximum amount per SEPA Instant Credit Transfer (SCT Inst) from €15,000 to €100,000.
The change will be implemented on 1 July 2020.
SMB reserves the right to assess on an annual basis whether the maximum SCT Inst amount should be changed.
The decision of whether to start a consultation with SCT Inst scheme participants regarding the change rests on the SMB. In such a case, the body will also define the consultation’s duration.
In the event of emergencies, SMB can lower the maximum SCT Inst figure at a short notice.
Commenting on the move, the EPC said: “The EPC allows each SCT Inst scheme participant and other involved interbank parties involved in the processing of SCT Inst Transactions, sufficient lead time to implement any adaptation to the maximum amount.
“If an adaptation of the maximum amount results from the regular scheme rulebook release management cycle, the new maximum amount will be applicable as of the effectiveness date of the new SCT Inst Scheme Rulebook version published by the EPC on the EPC website.
“If an adaptation of the maximum amount results from an EPC decision taken between two regular scheme rulebook release management cycles, the new maximum amount will be applicable at the earliest 90 calendar days after the publication by the EPC of the new version of this document on the EPC website.”