Having followed the European financial press in recent years, chances are you stumbled across the term SCT Inst. This seven letter abbreviation hints at an ambitious banking project that has sharpened the competitive edge of the European financial market: Instant, multi-national payments.
The SCT Inst scheme was introduced to enable rapid, real-time payments between banks and financial institutions located in different European countries. As such, SCT Inst acts as a stepping stone for more banking projects bound to happen further down the timeline (like the European Payment Initiative or EPI).
As you are reading this, SCT Inst has already taken hold in banking. But still, banks can feel the challenges it has presented to them.
Let’s see what we are dealing with.Read More