SEPA Instant Payments
Faster and Safer Transfers in the Eurozone
Use the MFCU app to make SEPA Instant Payments anytime 24/7, even on weekends and holidays, with instant confirmation and VoP security.
Use the MFCU app to make SEPA Instant Payments anytime 24/7, even on weekends and holidays, with instant confirmation and VoP security.
What is a SEPA Instant Payment?
SEPA Instant Payments, also known as SEPA Instant Credit Transfers (SCT-Inst), make euro transfers fast and simple. You can send money across the eurozone in less than 10 seconds, any time, any day of the year including weekends and holidays. Each payment comes with instant confirmation so you know it reached the account.
- Send and receive payments any time, day of the year
- Fees are the same as standard SEPA payments
- Works on online banking, mobile apps, and in branches
What is a SEPA Instant Payment?
SEPA Instant Payments (SCT-Inst) let you send euro transfers in less than 10 seconds. Transfers work every day of the year, including weekends and holidays. Each payment comes with instant confirmation.
- Send and receive money any time
- Same fees as standard SEPA payments
- Use online banking, mobile apps, or branches
What is Verification of Payee?
Verification of Payee (VoP) is a new security check for SEPA payments. It compares the payee name you enter with the name registered on the account for the IBAN. This helps protect you from errors and fraud.
- From 9 October 2025, VoP will apply to all SEPA and SEPA Instant Payments
- Confirms if the name and IBAN match before you send money
- Reduces the risk of misdirected or fraudulent payments
How Verification of Payee Works
When you make a SEPA payment, the system checks the name you enter against the name on the account linked to the IBAN. Once the check is complete, you will see one of four results before you confirm the payment:
- Match: The name and IBAN match and you can continue the payment
- No match: The name does not match the IBAN. Confirm the payment
- Close match: The name is similar and you can update it before sending
- Unavailable: The check cannot run and you need to verify the details directly.
Benefits of SEPA Instant Payments and VoP?
SEPA Instant Payments and Verification of Payee work together to make euro transfers faster and safer. You can send money in seconds and get extra protection with every transaction.
- Fast transfers with instant confirmations
- Payee verification for added security
- Always available throughout the year
- Free to use without any registration
Frequently Asked Questions
Which accounts can I use for SEPA Instant Payments?
You can send SEPA Instant Payments from current accounts and some deposit accounts. Limits may apply depending on your provider
Are payments within Ireland treated the same as cross-border euro payments?
Yes. SEPA Instant Payments and Verification of Payee work the same for cross-border payments in the eurozone as they do for domestic transfers within Ireland
What happens if Verification of Payee shows a close match?
A close match means the name is similar but not exact. You will see the correct account name and can choose to proceed, amend, or cancel the payment
Will Verification of Payee slow down my payment?
No. The check runs instantly and does not affect the time it takes to process a SEPA Instant Payment
Do I need to update saved payee details for VoP?
Yes. Always enter the full and correct payee name. Keeping your saved details up to date helps avoid warnings or delays when the Verification of Payee check runs
Get Started with SEPA Instant Payments on the MFCU App
- Transfer money instantly
- Check account balances
- Pay bills securely
- Apply for a loan
- Print account statements
