European instant payment: what about this payment method in June 2023?

In June 2023 there will be another snapshot from us, which shows how financial institutions and payment service providers are currently participating in the SEPA Instant Payment Scheme and, in particular, assess European instant payment in interbank payment transactions.

Notable news from June 2023

• The proportion of SCT participants across the SEPA who are also SCTInst participants has increased to 28% in the last two months.
• Guadeloupe is the second SEPA Scheme participant after Slovenia, whose SEPA SCT participating banks are all participating in SEPA SCT Instant. Congratulations!
• Also, in the last two months, this ratio has seen strong gains of 25% in Andorra and 3% in Finland, Slovakia and the Czech Republic.
• The transaction volume of SEPA Instant Payments continues to rise steadily.

European instant payment: Comparison of SCT Inst vs. SCT in the SEPA area

Based on the data from ECB, from EBA Clearing and the Bundesbank’s directory of available payment service providers, the total number of payment service providers participating in SCT in the SEPA countries (measured using their BIC bank codes) is set in relation to the number of those opted for SEPA instant payments implementation. The following overview shows the BIC bank code count per country for SCT Inst in relation to SCT for the countries of the SEPA area.

To explain the key figure Ratio SCTInst/SCT BIC-Bankcodes:

1. A ratio of 100% for a country means that all SCT participating BIC bank codes also participate in SCT Inst.
2. A ratio of 0% for a country means that no SCT participating BIC also participates in SCT Inst.

European instant payment: Ratio of the number of SCT Instant participants to SCT (counted by unique BIC bank codes) per SEPA country in June 2023

European instant payment: Number of BIC bank code participants in TIPS and RT1

The following figure shows the number of BIC bank codes participating in TIPS and RT1 in the period from May 2020 to June 2023:

European instant payment: Number of BIC bank codes connected to TIPS or RT1 in the period May 2020 – June 2023 (data sources: EZB, EBA Clearing)

Current transaction statistics of ECB

The following graphic illustrates the transaction share of SEPA real-time transfers as a percentage of all SEPA transfers for the months October 2019 to March 2023:

European Instant Payment: SEPA real-time transfers as a percentage of all SEPA transfers between October 2019 and March 2023 (data source: ECB)

Current transaction statistics of EBA Clearing

The figure below shows the average daily SEPA real-time transfer transaction volume processed via RT1 from January 2020 to April 2023:

European Instant Payment: Average daily SCT Inst transaction volume in 2020-2023 (data source: EBA Clearing)

Are you as a bank interested in software solutions for European Instant Payment?

CPG.instant as a software solution for connecting core banking systems to TIPS or RT1 in interbank payments

Among other things, we offer high-performance software solutions for processing SCT Inst transfers, which allow your bank to flexibly connect one or more core banking systems and clear SEPA instant payments accordingly via interfaces to TIPS or RT1.

If you have any questions or suggestions or you are interested in the topic of payment transactions, instant payment and related software products, please do not hesitate to contact us.

This article is part of a bi-monthly series and appears in our blog category on SEPA instant payments.

External data sources:

• ECB TIPS facts (01.06.2023)
• EBA Clearing RT1 participants (06.06.2023)
• Bundesbank Verzeichnis der erreichbaren Zahlungsdienstleister (19.06.2023)