The number of transactions processed by the first pan-European instant payments infrastructure, operative as of 21st November, is over half a million with a value of €300 million and a daily average of 10,000 transactions, 95% of which were completed in less than three seconds.
EBA Clearing announced these results three months on from the launch of the new RT1 platform, developed and managed by SIA, that allows citizens and companies in the 34 countries in the Single Euro Payments Area (SEPA) to send and receive money in less than 10 seconds with a maximum amount for each transfer at the moment set at €15,000. The service is active 24/7, 365 days a year, and is based on the European Payments Council’s SEPA Instant Credit Transfer scheme (a credit transfer with immediate and irrevocable crediting of the money).
To make an Instant Credit Transfer in euros, the payer and the beneficiary need only hold a current account at one of the subscribing banks. Currently there are around 20 subscribing banks (including 3 Italian banks: Intesa San Paolo, Unicredit and Banca Sella) in 10 European countries connected to the infrastructure that can reach around 500 payment service providers.