What systems facilitate payments on an individual basis rather than in batches?

The correct answer is SCT Inst, which stands for SEPA Credit Transfer Instant. This system allows for immediate individual payment transfers as opposed to processing them in batches. SCT Inst is designed to enable fast payments within the Single Euro Payments Area (SEPA), facilitating transactions that are credited in real-time or within a matter of seconds on a 24/7 basis.

This real-time processing capability makes SCT Inst particularly beneficial for individuals and businesses that require instant payment confirmation and swift access to funds. The focus on individual transactions allows for a more dynamic and responsive payment experience, especially in circumstances like personal payments, urgent business transactions, or any scenario requiring immediate financial exchanges.

In contrast, other options like BACS (Bankers' Automated Clearing Services), FPS (Faster Payments Service), and RTGS (Real-Time Gross Settlement) have different processing methods. BACS processes payments in batches and typically takes a couple of days for transactions to complete. FPS, while faster than BACS, still follows a batch processing approach rather than being entirely individual. RTGS facilitates high-value transactions in real-time but is primarily used for interbank payments rather than individual consumer transactions. Thus, SCT Inst stands out for individual-based, immediate payment facilitation.