FAQ Category: SEPA Instant Payments

You can reach out to the customer support team at the Credit Union. Make sure to check our website for the most up-to-date contact details and service hours.

Yes. You can set limits for SEPA Instant payments within the overall payment limits of your Credit Union, bank or payment service provider.

SEPA Instant Payments can be made from all of your balances.

SEPA Instant payments will be available on your existing payment channels, such as digital (e.g. mobile and online banking) and at the Credit Union.

If you are making a transfer from one payment account to another, SEPA Instant offers real-time payment processing making money available to the recipient almost immediately, which may be helpful for urgent or time-sensitive transactions. You will also get confirmation within 10 seconds of making a payment that it has been received by the payee. There are no additional fees for making SEPA Instant payments; fees are the same as for standard SEPA payments.

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.

Kilmallock Credit Union does not charge our members for this service.

The timing for offering SEPA Instant payments varies depending on the payment service provider, however all Credit Unions, banks and payment service providers within EU countries who use the euro must:

• From January 2025: be able to receive SEPA Instant payments
• From October 2025: be able to send SEPA Instant payments

Payment service providers in the EU/EEA whose currency is not euro have until January 2027 to be able to receive and July 2027 to be able to send SEPA Instant payments.

Non-EU/EEA countries within SEPA such as the UK and Switzerland are not required but may choose to adopt SEPA Instant payments voluntarily (Link to EPC Geographical scope here)

Payment type – Standard SEPA Payments

• Speed: 1–2 business days
• Availability: Business days – hours may vary
• Notification: Not normally provided

Payment type – SEPA Instant Payments

• Speed: Within 10 seconds
• Availability: 24 hours, 7 days a week, 365 days a year
• Notification: Real-time confirmation of receipt to
  payer

While standard SEPA payments can take between one and two business days to reach the payee, SEPA Instant payments allow money to be transferred from one payment account e.g. current account to another, in euro, within 10 seconds, 24 hours a day, any day of the year, including bank holidays and weekends*.You will also get confirmation within 10 seconds of making a payment that it has been received by the payee.

*There are a few exceptions to this. For example, times when the Credit Union’s or payment service provider’s system might be unavailable due to planned maintenance. You will be notified of any scheduled downtime in advance.