As the newest European IP market to adopt SCT Inst, the Netherlands has set up a strong foundation for IP usage to grow aggressively in the next five years.
SCT Inst, the pan-European instant credit transfer scheme, has been offered in the Netherlands since May 2019. The scheme operates 24/7/365 and enables customers to transfer money to accounts at participating banks in the payments network. It supports both individual and business transactions, and facilitates P2P, C2B, B2C and B2B payments directly between accounts via different channels such as online and mobile banking.
Funds are settled nearly instantaneously, with recipient banks in the country required to credit amounts to customers within five seconds. There are no standard transaction limits set in the Netherlands and banks are allowed to set their own limits. However, the regular SCT Inst limit of €15,000 ($17,183) applies to cross-border transactions. As of January 2020, there are a total of eight participants in the Netherlands, and all major Dutch banks support the scheme. All SCT Inst transactions are processed by Clearing and Settlement Mechanisms primarily through Equens/Atos Worldline with connections to TIPS and RT1. Both systems are available to banks in the Netherlands.