The SEPA instant credit transfer is a credit transfer that is executed in a very short period (in almost real time, in just a few seconds) – 24 hours a day, 7 days a week and 365 days a year (24/7/365).
Within this time frame, the payer's IBAN account is debited, the interbank clearing of the initiated instant payment transaction is executed and the IBAN account of the payee is credited.
The Financial Agency (FINA) is the owner and operator of the EuroNCSInst payment system.
FINA is required to ensure the safe and stable functioning of EuroNCSInst at all times in accordance with the principles for financial infrastructures and other internationally accepted standards.
The service of execution of instant credit transfers in euro may be used by clients of the banks participants in the EuroNCSInst payment system, through different payment channels.
Instant payment transactions in euro are executed up to the amount of available funds in the bank's clearing account in EuroNCSInst. The bank's available funds in its clearing account consist of the amount of funds the bank allocates as coverage for the execution of instant payment transactions with the Croatian National Bank plus the amount for executed instant payment transactions credited to the bank's clearing account in EuroNCSInst and minus the executed instant payment transactions debited from the bank's clearing account in EuroNCSInst.
A clearing day of the EuroNCSInst payment system is equal to a calendar day.
In the period from the beginning of 2023, the EuroNCSInst payment system has ensured the settlement of national instant payments in euro for the participants in the system.
The full implementation of the SEPA instant credit transfer scheme (SCT Inst) and access to the EuroNCSInst system and its participants in the TARGET Instant Payment Settlement (TIPS) service to the TARGET platform is scheduled for the end of the second quarter of 2023.
The mentioned participation in the TIPS service will enable a full reachability and interoperability of the EuroNCSInst system and its participants through opened TIPS dedicated cash accounts (TIPS DCA) and a full implementation of the model that also ensures the settlement of cross-border instant payments in euro in EuroNCSInst.
Documents and useful links