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SEAP real-time payments, so-called SEPA Instant Payments transactions (SCT Inst) can currently be processed via EBA clearing (RT1) or directly in the Eurosystem as TARGET Instant Payment Settlement (TIPS) of the European Central Bank. The TIPS formats are described here.
TIPS, TARGET and EMZ
The processing of payments in real time differs fundamentally from bulk payment transactions in terms of speed. While the services for large amounts (TARGET2) and bulk payments (EMZ) work cyclically, this is not the case with TIPS. For this reason, SCT Inst transactions require their own platform.
State of the art payment systems such as CBPay also carry out real-time payments in a separate SCT Inst module.
The formats used are based on the SEPA SCT formats, with TIPS currently. In contrast to the EMZ only allows single transactions for the pacs.008. The confirmations are made as pacs.002.
In practice, the payments will most likely be triggered by the banking app on a mobile phone. The amount must be immediately available to the recipient for further use.
TIPS formats – recall and investigation
Payments can also be recalled at TIPS. This is done with a camt.056 and is confirmed with a pacs.004 (positive) or a camt.029 (negative). Due to the short period of time in which a recall appears sensible, the process will hardly occur in practice. An inquiry (investigation) also appears to be less relevant, as a transaction is automatically terminated if the time limit is not adhered to.