SEPA Instant
Table of Contents:
SEPA Instant Payments, Verification of Payee & Regulation 76
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* (SEPA Zone) in under 10 seconds. You can send and receive payments instantly at any time, including weekends.
You will receive immediate confirmation on successful completion of the payment, giving you peace of mind that your payment has been delivered successfully. SEPA Instant makes managing your money faster, easier, and more convenient than ever.
There are no cut-off times for Instant payments made through online banking. Subject to internal controls and validations you can set up a payment on any day, at any time, and it will be processed instantly.
However, cut-off times do apply to payments made in person at your Credit Union.
* SEPA covers all of the EU member states, together with Iceland, Liechtenstein, Norway, Switzerland, and Monaco
What's changing?
- Instant Euro Transfers: Real-time payments across participating European banks.
- Always Available: No more waiting—payments available anytime, even outside business hours.
- Simple Access: Use your existing online banking or mobile app. Just choose “Instant Transfer” when sending euros. Alternatively, you can visit your Credit Union office during its opening hours.
What stays the same?
- Your account number and login details remain the same.
- Your existing payment options will not change.
- Our commitment to a secure, reliable service.
Limits of SEPA Instant Payments
SEPA Instant offers fast, convenient euro transfers within the Single European Payments Area (SEPA Zone), but there are some important limitations to be aware of:
- PSP Participation Required (Payment Service Provider e.g. Credit Union, Bank): Both the sending and receiving institutions must support SEPA Instant. If the recipient’s bank does not participate, the payment may be declined or processed as a regular SEPA Credit Transfer instead.
- Euro Currency Only: SEPA Instant is available only for euro-denominated (€) transactions. Both accounts must be in the SEPA zone and able to send or receive euros.
- Amount Limit: You will be able to set a limit for instant payments. This limit cannot be more than the overall Credit Union limit that applies to all your payments across all channels. Your Credit Union may apply a lower limit based on internal policies, risk controls, or your account type.
- Geographic Restrictions: This service is limited to countries in the SEPA zone, which includes all EU member states, together with Iceland, Liechtenstein, Norway, Switzerland and Monaco.
- Availability May Vary: SEPA Instant is designed to operate 24/7, 365 days a year, including weekends and holidays. However, some PSPs may perform maintenance or impose temporary service interruptions. In rare cases, national regulations may affect availability.
Frequently Asked Questions
A SEPA Instant payment enables funds to be transferred from one payment account to another within 10 seconds. This is available 24/7/365 when supported by both payment service providers. It is the “instant” option of SEPA credit transfers.
Your shares and current accounts have been capable of receiving SEPA Instant payments since January 2025, and will be capable of sending SEPA Instant payments from 09/10/2025.
Learn more about SEPA Instant and stay informed about what’s changing at www.PayRightNow.ie.
SEPA Instant payments will reach the recipient within 10 seconds.
Only if the recipient's bank or credit union participates in the SEPA Instant scheme.
If their bank/credit union does not support instant payments, the payment will be rejected. You will have the option to send it as a standard (non-instant) SEPA transfer.
The only accounts in the credit union that support SEPA Instant are:
- Shares
- Current Account
Other financial institutions (such as banks) may be different, although the general principle is that only payment accounts support SEPA Instant (i.e. loan accounts, mortgage accounts, etc. will not support SEPA Instant). You should check this with your bank.
No, there are no additional fees to use SEPA Instant.
People First Credit Union does not charge transaction fees (with the exception of our Current Account).
No.
A recall may be attempted, but there is no guarantee that the funds will be returned.
Yes.
If you're using online banking, you can only send €5000 per day.
If you're transacting in our branch, the limits are higher.
Yes.
There may be short periods of downtime due to essential maintenance. In this instance, the payment will be sent through the standard SEPA scheme (which may take 1 to 2 business days).
Yes.
No. You will always have the choice to use either SEPA Instant or the standard SEPA scheme.
Registration is not required. The ability to send and receive individual SEPA Instant payments is available automatically through your usual channels, including mobile apps, online banking, and branch services.
SEPA Instant enables real-time transfers between payment accounts, with funds available to the recipient almost immediately. You will receive confirmation within 10 seconds, and there are no extra fees—costs are the same as standard SEPA payments.
You can reach out to the customer support team at info@peoplefirstcu.ie or by calling to our branch. Make sure to check our website here for the most up-to-date contact details and service hours.
SEPA Instant vs. Standard SEPA Transfers
| Feature | SEPA Instant | Standard SEPA Credit Transfer |
| Speed | Under 10 seconds | Up to 1 business day |
| Availability | 24/7, 365 days of the year | Business hours only (Mon-Fri, excl. holidays) |
| Transaction Limit | No specific limit (PSP-dependent) | No specific limit (PSP-dependent) |
| Currency | Euros (€) only | Euros (€) only |
| Geographic score | SEPA zone (must be between participating banks) | SEPA zone (all SEPA-compliant banks) |
Bank Participation Required | Yes - both sender and receiver PSPs must support SCT Inst | No - all SEPA PSPs by default |
| Confirmation | Instant confirmation | Confirmation may take hours |
Temporary interruptions in service are possible, during which it may not be possible to make an instant payment from your account. You will be offered the option of making the payment via standard SEPA Credit transfer as an alternative option.
Verification of Payee (VoP)
We are introducing a new security feature called Verification of Payee (VoP), part of our ongoing efforts to protect you from fraud and give you greater confidence when making payments.
What is verification of payee?
Verification of Payee is a fraud-prevention service that checks whether the account name you enter when setting up a payment matches the name on the recipient’s (person you are sending to) bank account. This extra layer of security helps ensure that your money is going to the right person or business.
When is this happening?
Starting from 9th October 2025, when you initiate a payment—whether online, through a mobile app, or in office—your Credit Union will verify that the recipient’s name matches the account number (IBAN). This real-time check aims to reduce fraud and prevent misdirected payments.
How does it work?
When you set up a payment:
You enter the recipient’s name, IBAN/account number, and bank details.
The system checks whether the name matches the account at the receiving bank.
You get one of three possible results:
✅ Match – The name and account number match.
⚠️ Close Match – The name is similar; you are advised to double-check.
❌ No Match – The name does not match the account; you are warned before proceeding.
Benefits
- Helps prevent fraud (e.g., invoice redirection scams)
- Reduces misdirected payments due to typos
- Gives you greater confidence before sending money
Anti-Fraud Service
Your Credit Union is also introducing a new service for all SEPA Instant payments made by you. This is an additional security feature to counter fraud, particularly tackling account takeover fraud and identity theft.
What to Expect
The anti-fraud service monitors each SEPA Instant payment made from your account(s) at your Credit Union and, based on your previous payment history and other factors, determines if the payment is potentially suspicious or not.
The service looks for anomalies, unusual patterns of behaviour such as similar payment amounts being instructed in quick succession to an unknown account or a payment that is being made from a geographical location different to that where a previous payment was sent moments prior.
This extra layer of security is an additional safeguard should your account details be compromised.
Benefits
- Your Credit Union is monitoring all the instant payments you send to help counter fraud 24/7, 365 days a year.
- Gives you greater confidence that there is additional monitoring of payments made from your accounts at your Credit Union.
- Ultimately, helps prevent fraud in an instant payment environment.
Learn more about SEPA Instant and stay informed about what’s changing at www.PayRightNow.ie.
