SEPA Instant Payments


#1

Hi,

SEPA Instant Credit Transfers will go live on 21 November 2017 in 8 EU countries.

It will allow us customers to do transfers from one SEPA IBAN to another within seconds. The payments will get processed 24/7/365. (So a transfer on Saturday morning, wont have to wait till monday/tuesday!)

What are Revolut’s plans regarding SEPA instant payments? Will we be able to do 10 second transfers soon? or will it have to wait till Revolut gets its own Banking License?

Please answer. I’m really interested in knowing what Revolut’s plans are, if any.


#2

I don’t think they will be able to offer this, at least at the moment, since they are based in UK, and the SCT will not be available in UK


#3

I do not see any reason why an UK bank would not be able to offer SCT Inst scheme, as they are already using the SCT for transfers in Euro. I think the current issue is that Revolut’s partner bank(s) need to support SCT Inst first as it is an optional scheme.

Looking at the list of banks supporting it, it mostly consists of regional branches of many local/cooperative banks in Austria and Germany, many Spanish and Italian banks and some individual big(ger) banks such as ABN Amro (NL), SEB (EE/LV), DKB (DE), …

It would be nice if Revolut would support this, but I think it needs to wait until they get their own banking license and they have implemented all the payment schemes themselves. And yes, finally topping up will be super fast! :slight_smile:


#4

:r: will be obtaining its EU banking licence very soon (~Q1 2018.).

It won’t be too long.


#5

Thanks @capital, but that doesn’t answer my question.
I know that they are getting the Lithuanian banking license soon, but the question is. Will they offer SCT when they get the license, or can they maybe offer it sooner… ?