Instant credit transfer Definition.
The everyday name for SCT Inst: funds reach the payee in under 10 seconds, at any time, every day. Under the Instant Payments Regulation (IPR), it cannot cost more than a standard transfer, and most French banks have in fact offered it free since January 2025, which sent usage soaring. Because it is irrevocable, it is a prime target for authorized push payment scams, hence the parallel requirement for Verification of Payee.
See also
Where this term appears
GuideThe four-party modelGuidePayment schemesGuidePayment regulationGuidePayments in GermanyGuidePayments in AustriaGuidePayments in the BalkansGuidePayments in the Baltics and FinlandGuidePayments in the Netherlands and BelgiumGuideThe PSD2 framework contract and conduct-of-business rulesGuidePayments in Germany, Austria, and SwitzerlandGuidePayments in Central and Eastern EuropeGuidePayments in France