SEPA Instant - Any sign amongst mainstream banks?

FGR

Hi all,

Apologies if this has been asked before (most recent thread I could find on search was from four years ago!)

Although I'm aware that N26 and Revolut have SEPA Instant as an option for bank transfers is it still the case that none of the Irish banks have this option?

I'm not surprised with Bank of Ireland given how long it had taken to get Android and Apple Pay support - but has AIB gone about implementing this?

It's a great feature to be able to instantly move money between your accounts any time of the day/week.

JTMan

Yeah, N26, Revolut and Bunq are the only banks that offer SEPA Instant Credit Transfer here.

BoI, AIB, PTSB and KBC have proposed to offer SEPA Instant Credit Transfer via a joint app called Synch Payments but that may not even happen. Crazy that they do not offer SEPA Instant Credit Transfer by themselves, another example of Irish banks falling behind their app based competitors.

EBS, UB, CurrentAccount.ie and An Post Money have not announced any SEPA Instant Credit Transfer plans.

jahalpin

The full list of banks that support SEPA Instant payments is located at

https://www.europeanpaymentscouncil.eu/what-we-do/be-involved/register-participants/registers-participants-sepa-payment-schemes

None of the main retail banks in Ireland or the UK support SEPA instant payments, the reason is probably due to the fact that the payment must be fully confirmed within 10 seconds

FGR

Thank you both for the information.

I'm strongly considering moving all my banking to n26 for both the free banking and features such as SEPA instant. If the sync project is a traditional Irish approach then we'll be waiting quite a while for it to be implemented.

Unfortunately..

ED E

Are BoI still settling all SEPA once a day?

Sheep Shagger

The BOi IT **** show continues.....work on instant payments has been paused as has work on the legacy banks and their app to fight the likes of n26 and Revolut

https://www.businesspost.ie/boi-freezes-work-on-new-instant-payments-app-76678269

jahalpin

https://www.boards.ie/discussion/comment/116182060#Comment_116182060

The Sync project didn't sound very promising to be fair , the main Irish banks are so far behind in their IT systems due to years of underfunding that it will take a long time before they are in a position to implement anything useful in regards SEPA Instant Payment etc

I'm surprised that the banks can't apply to the EU for funding to bring their systems up to scratch so that they can offer the full EU banking experience to their retail customers.

28064212

https://www.boards.ie/discussion/comment/116182060#Comment_116182060

Just to note, N26 only supports receiving SEPA Instant payments. Outgoing payments are not SEPA Instant. https://n26.com/en-eu/instant-payments

jrmb

https://www.boards.ie/discussion/comment/117698529#Comment_117698529

When I send money from N26 to Revolut or Wise, it still arrives fairly quickly.

28064212

https://www.boards.ie/discussion/comment/117704561#Comment_117704561

Yes, they're better than Irish banks because they run their transaction batches multiple times a day, so it might only be a few hours instead of next day. SEPA Instant imposes a hard limit of 10 seconds for the transaction to complete, which makes it a whole lot more useful e.g. say you're selling a car privately, the buyer can do an instant transfer, and you can reliably verify it's in your account immediately

jrmb

https://www.boards.ie/discussion/comment/117705113#Comment_117705113

It's extremely hard to accept the €6 monthly fee on my Irish current account, considering that the bank can't offer what Wise can for a few cents at most.