What is SEPA Instant? How euro payments arrive in seconds
By SendPay Business · · 2 min read
SEPA Instant Credit Transfer is a way to send euros between bank accounts in the SEPA area in about ten seconds, at any time of day, every day of the year. A standard SEPA transfer can take up to one business day.
SEPA Instant vs standard SEPA
Both use IBANs and move euros across the SEPA area. The difference is speed and hours: standard SEPA transfers are processed in batches on business days, while instant transfers are sent one by one, around the clock, and the sender learns within seconds whether the money arrived.
What the EU rules changed
The EU's Instant Payments Regulation requires payment providers in the eurozone that offer euro transfers to offer instant ones too, and not to charge more for them than for a standard transfer. They must also check the payee's name against the IBAN before the payment is sent.
Payee checks
- You type the payee's name and IBAN.
- Your provider checks the name against the account.
- You see if it matches, nearly matches or does not match.
- You decide whether to send the payment.
Where SendPay fits
SendPay platforms include EUR, GBP and USD accounts and transfers under your own brand, powered by licensed partners. SendPay tells you in writing which licences apply to your platform before you pay.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.