Although the SEPA Instant Transfer Credit (SCT Inst) scheme, developed by the European Payments Council, has been available since 2017, its standard that digital payments must be executive in second or less has meant that the main users are proprietary bank solutions
SCT inst facilitates transfers right across SEPA countries (36 countries and territories, encompassing the 28 EU member states plus Iceland, Norway, Liechtenstein, Switzerland, Monaco, San Marino, Andorra and Vatican City.
Deutsche Bank and global B2B fintech software company Serrala announced the launch of the first API interface for SEPA instant payments on 1 April 2019, and allows payments to be processed 24/7/365. This allows corporates to initiate payments through their enterprise resource planning (ERP) system.
“Combining SEPA Instant Payments with API technology creates new opportunities for our customers. Corporates benefit from an end-to-end integration of their business processes via treasury components to the bank and vice versa and receive an immediate confirmation of their payments”, explains Thomas Stosberg (pictured), Director, Corporate Cash Management Sales at Deutsche Bank.
“Instant Payments are revolutionising payment structures. Together with Deutsche Bank we are bringing the benefits of the SEPA Instant Credit Transfer scheme to corporate customers. Our API transforms payment processing from scheduled batch payments to real-time processing, accelerating payments significantly,” says Stephan Benkendorf, Chief Domestic Officer at Serrala.
For further detail about the new interface, visit the Serrala website here for their announcement
Director, Corporate Cash Management Sales, Deutsche Bank AG
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