Thursday 12th September, 2019
The European Payments Council Scheme Management Board (SMB) responsible for the Single Euro Payments Area payment schemes has announced changes to the maximum amount per SEPA Instant Credit Transfer (SCT Inst) transaction to 100,000 euros, effective as of 1 July 2020.
For the time being running up to the July deadline the maximum amount an originator can transfer via a single SCT Inst transaction is set at 15,000 euros.
The document EPC023-16 sets the maximum amount per instruction that can be processed under the SCT Inst scheme based on the 2019 SCT Inst rulebook version 1.0 published in November last year.
The Single Euro Payments Area (SEPA) is a European Union initiative to harmonise euro payments. More than 520 million citizens live in SEPA, and make 122 billion electronic payments every year, including more than 19 billion. SEPA credit transfers and over 20 billion
From anywhere in the European Economic Area countries, the IBAN (International Bank Account Number) is all that is needed to make a SEPA credit transfer or direct debit.