To prevent silos and closed loop solutions, the Eurosystem envisages that instant payment services should be built on three layers: the scheme layer, the clearing layer and the settlement layer. A common scheme for instant payments should harmonise how payment service providers interact with their customers and with other payment service providers.
We are expecting the Euro Payments Council to deliver its proposal for the design of a SEPA credit transfer scheme for instant payments by next week. Although the scheme will not be legally binding, we expect that payment service providers that want to offer instant payments in euro based on credit transfer will adhere to the new scheme.