Instant payments

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Definition

The real time payment, also called instant payment, is a transfer of money from one account to another that is done almost instantaneously (about 10 seconds). It is a real technological revolution in the sense that before its implementation, it was sometimes necessary to wait several days before seeing a classic SEPA transfer appear.

Characteristics of the instant transfer

  • Payment in euros
  • Maximum amount of the transaction 15,000 €
  • Execution time +/- 10 seconds
  • Immediate credit
  • Irrevocable
  • Available 24/7/365
  • Independent of interbank clearing and settlement mechanisms

Challenges of this new payment method

Instant payment represents a major challenge for European authorities who want to make commercial exchanges more fluid and support the growth of transactions between Member States. This new means of payment, an alternative to cards and checks, is a technological revolution that contributes to the improvement of payment systems, costs and the user experience. It also represents an opportunity for merchants to reduce transaction risks (payment guarantee, reduced management costs, cash flow gains) and for payment service providers to develop new products and services for consumers and businesses.