SCT Inst: Creating Innovation through Compliance

Finance11/3/2023 3:00 AM

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Watch this webinar on the challenges that financial institutions will have to contend with when complying with the European Payments Council’s mandate on SEPA Instant Credit Transfer (SCT Inst). How will the adoption of SCT Inst change the European real-time payments landscape? What other examples of innovation being led by compliance can the industry call upon? How can financial institutions leverage SCT Inst to drive digital transformation and increase brand growth, as competition across Banking increases? The upcoming mandatory adoption of SCT Inst across Europe in December 2023, is set to reshape the European instant payments landscape and drive compliance-driven innovation. In an upcoming ACI report, key findings highlight that 60% of Generation Z and Millennial consumers prioritise payment method flexibility, while electronic and instant payment methods dominate recurring payments. Mandated adoption of SCT Inst is expected to bring interesting challenges to financial institutions that will need to comply with the ‘new normal’ real-time paradigm. However, it is going to significantly change the pan-European payment landscape by providing ‘universal’ real-time rails on top of which new digital services can be provided to any user. The difference between modernisation and transformation is a mindset change that is required by financial institutions to not simply comply with regulation, but expand product lines and services for the benefit of banking customers. Competition enabled by standardisation, regulation and new channels is increasing, and it is critical for FI’s growth to keep satisfying a clearly growing demand of real-time and digital services, and to successfully compete with the growing number of emergent challengers. In countries and markets where the real-time paradigm has been pushed, these experiences were sustained through strong marketing and brand-awareness campaigns, to make customers recognise the value of new digital services to their everyday banking needs. Sign up for this Finextra webinar, hosted in association with ACI Worldwide, to join our panel of industry experts who will discuss how the adoption of SCT Inst will change the European real-time payments landscape.


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