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Developments in fast payments in the Single Euro Payments Area

Author

Listed:
  • Santamaría, Javier

    (Chair, European Payments Council, Belgium)

Abstract

The European Payments Council introduced the SCT Inst scheme to benefit end users by enabling real-time euro payments between payment service providers (PSPs) throughout the Single Euro Payments Area. The rapid development of the scheme during its first four years is testament to the collective vision and work of European PSPs in support of real-time payments. This paper explores the SCT Inst scheme’s significant progress, in addition to related developments and challenges in the field of payments. The paper finds that a critical mass of SCT Inst scheme participants and reachable payment accounts is forming in the euro area through a natural, market-based process in response to the benefits of the scheme for end users and PSPs.

Suggested Citation

  • Santamaría, Javier, 2021. "Developments in fast payments in the Single Euro Payments Area," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 15(4), pages 355-359, December.
    • Handle: RePEc:aza:jpss00:y:2021:v:15:i:4:p:355-359
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    More about this item

    Keywords

    instant payment; SEPA; pan-European; European Payments Council; request-to-pay; mobile payment;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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