With the introduction of the SEPA Credit Transfer (SCT) on 28 January 2008, the first pan-European retail payment instrument has become available. Almost all banks active in the payment business in Europe (i.e. about 4,500 banks) adhere to the SCT scheme, i.e. they are able to offer and process the SCT.
Likewise, most retail payment infrastructures that were processing credit transfers in euro have become SCT scheme-compliant, i.e. they offer clearing and settlement of the SCT. Preparations for the second European payment instrument, the SEPA Direct Debit (SDD), are ongoing.