Thursday 2nd July, 2020
The European Payments Council (EPC) has announced as from 1st July the maximum amount per SEPA Instant Credit Transfer (SCT Inst) transaction has increased from 15,000 to 100,000 euros.
Payment end-users can use the SCT Inst scheme in higher-value business-to-business and business-to-consumer transactions.
According to the EPC, This new transaction limit means additional freedom for payment end-users to pay and be paid in an instant, for example, for a large delivery or high-value service provided, make immediate payments to companies, public administrations and individuals or quickly correct a late payment.
The Single Euro Payments Area (SEPA) is a European Union initiative to harmonise euro payments. More than 527 million citizens live in SEPA and make 146 billion electronic payments every year.