Speed is of the essence: Are banks ready for SEPA Instant Payments?

The recent EU legislation requires all banks and other payment service providers (PSPs) to offer instant payment services, ensuring that transactions are completed within 10 seconds. These services will be available 24/7/365. Given the stringent timelines, banks undergoing transformation projects to meet this new regulation must act quickly.

Image with cover slider of "Speed is of the essence: Are banks ready for SEPA Instant Payments?" webinar

Default Finastra

Banks and PSPs will need to be ready to receive instant credit transfers in euros by 9 January 2025, and send instant credit transfers by 9 October 2025 to meet regulatory requirements. This new regulation is anticipated to foster innovation and streamline efficiency, particularly in consumer and business payment procedures, while enhancing the robustness of payment systems.

Watch our webinar featuring regulation, banking and technology experts as we unpack the effects of the new instant payments rules and why starting early is essential:

You’ll gain insights into:

  • The key components of the recently passed legislation, including pricing parity, 24x7x365 service, speed of transaction (10 seconds), verification of payee, bulk payments processing, and sanction screenings. What are the tools and strategies needed to comply with the new rules to meet the deadline on time?
  • The readiness of banks in Europe for the upcoming changes and their ability to send or receive instant payments.
  • New business models. Explore value creating opportunities that instant payments could bring to banks’ existing operations. The new regulation should not just be seen as a box-ticking compliance exercise, but as an opportunity to develop new business models and drive profits.
  • Business customers. Many large corporates already recognize the benefits of instant payments – and if banks don’t have the right solutions in place, there is a risk that corporate customers could take their business elsewhere.

It’s also important to remember that the whole industry will be adapting to the new rules at the same time. For banks, it will be essential to start soon in order to secure the required capacity, either from internal partners or from a provider like Finastra.

Finastra Payments To Go can help banks and PSPs to catch up and face tight deadlines with a flexible, scalable and low-cost architecture. The Payments-as-a-Service (PaaS) solution provides customers compliant access to Europe’s TARGET Instant Payment Settlement (TIPS) and future-proofs businesses to adapt quickly.

Petia Niederländer
Petia Niederländer
Director Payments, Risk Management and Financial Literacy
Austrian National Bank (OeNB)

Get in touch
We are here to help your business reach its goals

Contact us