SEPA InstantIntroduction

From October 2025, Credit Unions, banks and payment service providers across the eurozone are rolling out SEPA Instant payments (euro transfers in under 10 seconds, 24/7/365). Alongside this, a new security check called Verification of Payee (VoP) will verify the payee name against the recipient’s account name before you send money.

These are being introduced under the EU Instant Payments Regulation. From January 2025 providers had to be able to receive SEPA Instant; from 9 October 2025 they must also send SEPA Instant.

SEPA Instant Payments

SEPA is the Single Euro Payments Area. SEPA Instant moves money in euro between payment accounts within approximately 10 seconds, with real-time confirmation. Some planned maintenance windows may apply.

They are euro transfers credited to the recipient within 10 seconds, available 24/7/365, including weekends and bank holidays, with confirmation to the payer within approximately 10 seconds.

Feature Standard SEPA SEPA Instant
Speed 1–2 business days ~10 seconds
Availability Business days / hours vary 24/7/365
Notification Not normally provided Real-time confirmation to payer

Note: short planned outages may occur; you’ll be notified in advance.

All euro-area Credit Unions/banks/payment service providers must receive SEPA Instant from Jan 2025 and send from 9 Oct 2025. EU/EEA non-euro PSPs: receive by Jan 2027, send by Jul 2027. Non-EU SEPA countries (e.g. UK, Switzerland) may adopt voluntarily.

Fees are the same as standard SEPA payments.

No registration required. SEPA Instant will be available through your existing channels (mobile/online banking and in-branch).

Use your usual payment journey in mobile/online banking or request in-branch; if both PSPs support Instant, it will process instantly.

From payment accounts such as current accounts and some deposit accounts.

Yes — you can set Instant limits within your Credit Union’s overall payment limits.

Contact the Credit Union’s support team (phone/in-branch). See our website for the latest details.

Verification of Payee (VoP)

VoP is a name-check that compares the payee name you enter with the name on the recipient’s account. It adds an extra layer of protection against mis-directed payments and certain frauds. VoP is mandatory for euro payments in the eurozone from 9 October 2025 (applies to both Standard SEPA and SEPA Instant).

All standard SEPA and SEPA Instant payments (all channels). Standing Orders are checked when first set up; in-branch paper payments are checked at processing time. Some payee account types may not support a VoP result.

  • Non-euro payments
  • Card payments
  • Direct debits
  • Member-not-present paper payments (e.g., by post)

It applies when you make a standard or Instant SEPA payment and may also apply when you add or update a payee. Roll-out begins early October and will be in place by 9 Oct 2025.

  • Match: Name and IBAN match — you can proceed or cancel.
  • No match: Names don’t match — check details; you can proceed, amend or cancel.
  • Close/partial match: Similar name — we show the correct name; you can proceed, amend or cancel.
  • Service unavailable: We can’t confirm — verify details and retry later if needed.

You remain in control and decide whether to proceed.

No. VoP will not automatically stop a payment; it provides guidance so you can decide. We advise verifying details with the payee before proceeding if you see “no match” or “service unavailable”.

  • Greater confidence your money reaches the intended payee
  • Reduced risk of errors/misdirected payments
  • Fewer rejects/returns thanks to more accurate details

VoP checks are automatic and cannot be opted out of (part of the EU Instant Payments Regulation).

  • Enter the payee’s full name (first & last) exactly as registered.
  • If you get a close/no match, verify the name/IBAN with the payee via a trusted channel.
  • Keep saved payees up to date. As a payee, share your registered full name.

Individuals: checked against first & last names of account holder(s); enter one full name.
Businesses: checked against registered legal names/legal abbreviations/trade names.
Joint accounts: enter the full name of any one account holder.

Your name is shown only when the sender entered a slightly different/incorrect name (a “close match”). Otherwise, it isn’t disclosed.

A valid (but wrong) IBAN might still return a match/close match. Always confirm details with the recipient using a trusted method before paying.

Ensure your account name with your provider matches how you usually share it (include middle name if you typically use it).

Cross-border euro payments in the eurozone are treated the same as domestic payments for SEPA Instant and VoP. EU non-euro countries must adopt by 2027; non-EU SEPA countries (e.g. UK/CH) may adopt later.

VoP is free for customers and does not delay payment processing once you approve the payment.

Contact the Credit Union support team (phone or in-branch). See our website for the latest contact details and hours.

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