In March 2024, the EPC adopted the regulations 2024/886 whose objective is to accelerate the deployment of the instant Payment in the European Union by imposing on the banks to treat what is commonly called the instant transfer (Instant Payment = IP) before the following deadlines:
· From January 9, 2025, banks have the obligation to agree to credit their customers' accounts via this payment method;
· From October 9, 2025, banks have the obligation to offer the IP service offer to their customers.
What instantaneity?
We speak improperly of 10 seconds to make an instant transfer. In fact, it is the maximum treatment time between the two banking systems involved. Thus, if you enter your transfer to your banking communication platform, as long as your payment has not arrived at your bank, the chronometer is not triggered.
Finally, if the request cannot lead in the time given, you receive a negative processing notice within 30 seconds after the issue. Either you hold back or use another channel by favoring classic separate transfer.
What technical obligations?
The instant transfer can be configured using the SCT Pain format. 001.001.03 in which the INST value is specified in the local instrument tag.
As this tag can be mentioned in the batch or transaction, it is preferable to think about the methods of use (exclusively unitary, by Batch, a mix of the two) of this means of payment before making the configuration.
Why the instantaneous transfer encourages to migrate to the bread. 001.001.09?
The latest version of the SCT format validated by banks is bread. 001.001.09. As for what we are interested in in this article, this V9 takes up all the beacons of the bread. 001.001.03 but brings a hitherto nonexistent precision in the V3: the time for the execution of the treatment.
This new feature therefore allows you to guarantee your beneficiary that it will be paid at a specific time (today, tomorrow or on the date you have indicated). This can reassure it and make your relationship make.
Finally, thanks to this feature (and if you use the NEOFI application), you can plan the supply of your accounts and the launch of your payment campaigns a few minutes apart. This automation allows you to manage your cash to the fairest and to free up time since these tasks are easily configurable in Neofi.
What gains?
Using the instant transfer with the new SCT V9 format, you bring serenity not only in your treasurer activity but also in relations with your suppliers and your employees. Finally, you no longer need neither checks or credit card and everything is traced!
What collateral effect?
The virtual instantaneity of this transfer requires prior checking the beneficiary's bank details. To do this, the 2024/886 regulations oblige banks to offer free of charge from October 9, 2025 a service offer called VOP (Verification of Payee). It will be the subject of a future article.
