Can you tell us more about the early Dutch experience with the SCT Inst scheme? Could you briefly explain the implementation approach and share some quantitative data?
The four largest Dutch banks committed in early 2015 to build an instant payments infrastructure under the programme guidance of the Dutch Payments Association. All relevant stakeholders, including the Dutch Central Bank, have been involved from the start. From the beginning, the view has been that instant payments should become the new normal. Customers – both consumers and businesses – expect to get service instantly, 24/7 from their PSPs, especially when it comes to payments. Our commitment to the market was to open up instant payments to all customers using mobile and online banking as of May 2019. After a period of extensive end-to-end (E2E) testing, the instant payments infrastructure went into production. Since then, banks have been gradually turning up the volume: opening to more and more customers using mobile and internet banking channels. The potential single instant payment volume in these channels amounts to one billion transactions annually. The implementation approach is based on a controlled, stepped rollout rather than a big bang. At this point in time, we have processed over thirty million instant payments transactions in total, and we are currently averaging more than half a million transactions a day. The E2E performance is more than satisfactory: almost all transactions (over ninety-nine and a half percent) are within five seconds. Our uptime (24/7) is high and stable (greater than ninety-nine and a half percent) and our reject rate is well below half a percent. The participating banks have each opted to offer instant payments by default, giving the customer this great payment experience from the start. Instant payments truly are the new normal.