Since the beginning of 2008, the EPC has been establishing and maintaining an up-to-date register of participants in SEPA systems – banks and non-bank payment institutions. All Bulgarian banks are registered in the SCT participant register maintained by the EPC. Since November 2009, the SEPA direct debit system has been launched and established in two variants: core SDD scheme and B2B SDD scheme. Currently, only one bank is included in the B2B SDD Register of Participants. SEPA direct debits are not a popular instrument in Bulgaria and there is no significant interest in these instruments. Overall, these instruments are not developed and offered by Bulgarian banks. Banks and other PSPs that will participate in the program in November and through 2018 are on track to provide their solution to ensure that their applications, systems and infrastructure can process OHS transfers within a maximum of 10 seconds. While functionally, the EPC strives to ensure compliance with the system with the current SEPA transfer, whenever possible. Non-functional, this is very new, especially for banks that do not have a national instant payment system – debit and latency requirements become the key indicators and often the biggest concern for a successful instant payments solution. In November 2017, it will be possible to transfer €15,000 per individual transaction in less than 10 seconds, 24/7/365, over an area of more than 34 European countries.
At present, transfers can take up to a day, or sometimes even longer in some countries, when the initiators of the payment launch their transfer on weekends, for example. The SCT Inst system therefore offers a convenient, simple, digital and fast alternative to traditional transfers. This emergency transfer system, which operates in a region as vast as SEPA, is a global novelty. On November 21, 2017, the SEPA/SCT Inst/ fast transfer system was launched. These transfers are made on a 24/7/365 basis, i.e. they can be made every day of the year, 24 hours a day. The maximum amount of these transfers is 15,000 EUR and the transaction time is 10 seconds. The EPC has decided to carry out an annual review and, if necessary, to amend the maximum amount of these operations and the date of their execution. These requirements for a platform and infrastructure for SCT Inst were detailed by EBA Clearing in its RFP at the end of 2015. Italy`s ACH SIA signed a Memorandum of Understanding with EBA Clearing in 2016 to meet these PFP requirements – in order to provide this clearing platform, infrastructure and network.
This platform was delivered by SIA in January 2017, is ready for testing from April 2017 and is used for emergency payments, both nationally and cross-border sct inst. To support this real-time message processing in relation to instant payments, SIA had to display network functions covering security, failovers, authentication, 24X7 availability, failover, monitoring, etc. In addition, the message processing time between participants using SIA`s preferred SIANet network and INTERCOPE`s BOX solution was demonstrated to be less than 600ms. Finally, the SMB notes that, since compliance with the EPC`s SEPA payment systems, all participants must have taken all capital law measures to fulfil and comply with their obligations under the regulation(s) in question, including constant compliance with their own rules, procedures and agreements with the laws, general prudential rules and requirements applicable to them. including EBA guidelines on outsourcing arrangements, as amended from time to time. . . .