The transactions which go through this system can be one-off recurring transactions which are made by a customer and single or bulk payments like a payroll by the business. It is based on straight-through-processing, which facilitates the payment initiation, processing and reconciliation. The difference from SEPA Credit Transfer scheme is that SEPA Instant Credit Transfer is Available 24 hour per day, 7 days per week, 365 days per year and has ceiling for maximum transaction amount equal to EUR 15,000. SCT Inst is based on the Clearing Systems of EBA.
It works in the same manner as all other Clearing Systems.