Germany was one of the first countries to adopt the pan-European scheme SCT Inst in 2017 and usage has been significant ever since, with transaction growth of 218% YOY. Since launch, IPs are already hugely popular with even more potential.
In Germany, as elsewhere in Europe, SCT Inst enables customers to transfer money to accounts at participating banks in the payments network. It supports both individual and business transactions and enables P2P, C2B, B2C and B2B payments directly between accounts via different channels, such as online and mobile banking. There is a maximum transaction limit of €15,000 ($17,183), the standard for SCT Inst.
As of January 2020, there are a total of 1,282 participants, including all major banks, connected to the scheme within Germany. All SCT Inst transactions are processed by clearing and settlement mechanisms (CSMs) including TIPS and RT1, both of which are available to banks in Germany.