SEPA Instant

SEPA Instant Credit Transfer (SEPA Instant) is a unique real-time payments scheme in that it is a regional interoperable scheme. It fits within the global trend where the rise of mobile offerings, the wish to reduce cash and alternatives to classic Payment Service Provider (PSP) environments are driving the uptake and PSP propositions towards real time payments. The SEPA Instant scheme is an optional scheme, available to any Payment Service Provider (PSP) in the geographic scope of SEPA.


The SEPA Instant Credit Transfer, as defined by the European Payments Council (EPC), specifies a target maximum execution time of 10 seconds. In this timeframe, the funds have to be made available to the beneficiary or the payment rejected. The scheme operates 24/7/365 and delivers real time failure notifications. The maximum SEPA Instant transaction amount, for now, is EUR 15,000.


The Form3 SEPA Instant service is a fully managed service that facilitates efficient technical access to the RT1 system of the EBA Clearing Instant Payment Scheme (EBA IPS). EBA Clearing as the pan-European Automatic Clearing House (ACH), provides the widest possible reach for SEPA Instant. The Form3 SEPA Instant service is fully compliant with the EPC SCT Inst Rulebook and EBA Clearing specifications supporting both the SEPA Instant Credit Transfer and exception handling via recall.

Direct Settling Participant

The SEPA Instant Credit Transfer service (SEPA Instant) for Direct Settling Participant is available to credit institutions eligible to hold a RTGS account in TARGET2.

Direct Settling Participants of the Form3 service are provided with direct technical access to the SEPA Instant system to exchange messages as a Participant. Settlement happens on the Participant’s account at TARGET2 and the participant manages its own liquidity in the prefunded system.

Form3's API provides a single interface across the different Form3 EUR services that cover SCT Instant, SCT and SDD.

Indirect Participant

The SEPA Instant Credit Transfer service (SEPA Instant) for Indirect Participants requires institutions to complete an EPC adherence agreement but requires no Target2 account.

The partner participant will retain control of the flow of transaction, will own the Target2 account and must be a Credit Institution.

Form3's API provides a single interface to multiple potential partner participants, providing long term flexibility and alignment with the customer’s business model.

Direct Non-Settling Participant

The SEPA Instant Credit Transfer service (SEPA Instant) for DNSP requires an EPC adherence agreement, but as with the Indirect Participant requires no Target2 account.

The DNSP may be a credit instution or just a financial or payments institution. The liquidity provider will own the Target2 account but will not need to integrate to the full SEPA Instant protocol. The liquidity provider must be a Credit Institution.

This model limits dependency on bank system changes to add scheme value added services.

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