In 2019, Belgium launched SCT Inst, a pan-European scheme which provides real-time capabilities for banks, P2P, billers and merchant payments. The scheme has seen strong adoption thus far, setting the stage for forecasts of robust future growth.
IP within Belgium are processed by the Center for Exchange and Clearing (CEC), the Belgian automated interbank payments system for retail payments. In 2013, the CEC moved to a new payments platform, developed and managed by STET, which is one of the largest clearing and settlement systems in Europe.
SCT Inst enables customers to transfer money to accounts at participating banks in the payments network, for both individual and business transactions. SCT Inst can also be accessed across different channels, such as online and mobile banking, to enable P2P, C2B, B2C and B2B payments directly between accounts. Funds are settled in near-real time, with recipient banks in Belgium required to credit amounts to customers within five seconds. There are no standard transaction limits set in Belgium and banks are allowed to set their own limits.