With the introduction of Instant Payments Regulation in 2025, sending and receiving funds will be faster than ever.
SEPA Instant – is a payments scheme that lets you send and receive euro payments in under 10 seconds 24/7, 365 days a year.
There will be no need to install extra apps, as the additional functionality will be available in your online or mobile banking access to allow you to send and receive euro payments across the Single European Payments Area 1 (SEPA Zone) in under 10 seconds. You can send and receive payments instantly at any time including weekends.
When you enter the recipient’s details, the system will check the name you type against the name on the recipient’s account. This adds an extra layer of protection and helps ensure your money goes to the right place. Applies to both standard SEPA and SEPA Instant payments.
Possible results when setting up a New Payee:
– Match – name and IBAN match.
– Close/Partial match – small differences (nickname, typo, abbreviation). You’ll see the correct name.
– No match – details don’t match; you may have typed an incorrect IBAN or name.
– Service unavailable – sometimes technical or out-of-scope accounts. You should confirm details directly.
Tips for smooth payments:
– Always use the full, correct name (first and last name, or full business name).
– Confirm IBAN and name details with your payee through a trusted channel.
– Keep saved payee details updated.
– As a payee, check your account name with your provider is accurate and up to date.
