The Euro Retail Payments Board (ERPB) has invited the European Payments Council (EPC) to develop a scheme for instant payments in euro by November 2016, for implementation in November 2017. This follows ERPB approval of EPC’s design for a pan-European instant credit transfer scheme, known as “SCT Inst scheme”. The proposed scheme will be based on the Single Euro Payments Area (SEPA) credit transfer, will be available for all payment service providers in the EU and is designed to reduce the time needed to facilitate credit transfers between accounts to a matter of seconds even when banks are closed. (Source: ERPB Seeks Instant Payment Access by November 2017)