SEPA Instant Payments: Transfer funds in 10 seconds

Have you ever wished for a quicker way to send and receive money? Thanks to SEPA Instant Payments, that wish is becoming a reality at Member First Credit Union. Since January 2025, we’ve helped our members receive payments instantly, but what about sending money? 

The good news is that we are working hard behind the scenes to bring the instant payment feature to all our members, so you can send funds just as quickly as you receive them. This great new feature will take effect from 1st September 2025.

This development is possible through the SEPA Instant Payment Initiative, and we’re excited to offer it to you. In this blog, we’ll explore what SEPA Instant Payments are, how they differ from traditional transfers, and most importantly, how this change will benefit you. 

What Are SEPA Instant Payments? 

SEPA also known as Single Euro Payments Area (SEPA) Instant Payment, a system designed to make euro transfers faster and more accessible. With SEPA Instant Transfers, you can send money that reaches the recipient’s account in under 10 seconds. This service is available 24/7, 365 days a year; so, you can make transfers at any time, even on weekends and holidays. 

The European Payments Council (EPC) manages this payment initiative to improve the speed, security, and convenience of euro transactions. It ensures that your payments are processed quickly and safely. 

SEPA Instant Payments vs Traditional SEPA Payments

Feature	SEPA Instant Payments	Traditional SEPA Credit Transfer
Speed	Transfers in under 10 seconds	Can take up to 1 business day
Availability	Available 24/7, including weekends and holidays	Only available during business hours (Mon-Fri, excluding holidays)
Confirmation	Immediate confirmation on payment success	Confirmation may take hours
Geographic Scope	Available in SEPA zone countries (EU + a few non-EU)	Available in the SEPA zone (EU countries)
Transaction Limits	Limits set by bank/credit unions	Limits depend on your Payment Service Provider (PSP)
Fraud Prevention	Includes Verification of Payee (VoP) and anti-fraud monitoring	General security measures for traditional payments

Why Should MFCU Members Care?

SEPA Instant Payments are here to make your life easier. With this new service, you’ll no longer need to wait around for payments to clear. Instead, every time you send or receive money, you’ll know within seconds that the payment has been successfully processed.

 

Not only will you be able to send instant payments at any time, but you’ll also get instant confirmation. Whether it’s a payment for a bill or a quick transfer to a friend, this new feature gives you the freedom and confidence to manage your finances anytime, anywhere. 

The Key Benefits of SEPA Instant Payments

• Speed: Transfers happen in under 10 seconds, making it faster than traditional methods. 

• Convenience: You can send money anytime, even on weekends or holidays. 

• Security: Verification of Payee (VoP) and 24/7 anti-fraud monitoring ensure your payments are secure. 

• Peace of Mind: You’ll get instant confirmation, so you’ll know your payment has gone through right away. 

In short, SEPA Instant Payments offer more control over your money, letting you manage your finances in a way that suits your schedule. 

A few things to keep in mind

• Updated Framework Contract: We’ve updated the Framework Contract to comply with regulatory requirements. You can review the updated document here. 

• No Action Needed: These changes will take effect automatically, you don’t need to do anything. 

• Payee Updates: We recommend checking your saved payees on a regular basis, and removing those which are no longer required.

We’re committed to bringing SEPA Instant Payments to you soon. This new feature will allow you to send money to any bank account in Ireland or the EU, instantly. Stay tuned for updates, we’ll let you know through our online services and member notice area on our website as soon as the feature is live!

If you have any questions about SEPA Instant Payments, feel free to get in touch. We’re here to help you make the most of this new feature!