SEB will start providing instant payments
In November, SEB will start providing the possibility of instant payments to its clients, making it possible to make European transfers of up to 15,000 euros around the clock in just a few seconds. Consumers will no longer need to remember the clearing times between banks or on which public holidays transfers are not made.
‘In today’s world, information moves at lightning speed. Personal messages, news, and information about traffic reach us in mere seconds; however, payments between banks seem to have fallen behind this rhythm. When instant payments are implemented, money will move as fast and as seamlessly as information does thanks to the Internet. Having to calculate hours or even days until transferred money reaches its destination will therefore become a thing of the past,’ said Allan Parik, Chairman of the Management Board of SEB, as a comment regarding the development.
Starting from November, SEB will offer the possibility to receive instant payments, and after a successful testing period of the service, it will also be possible to initiate instant payments. The arrival of instant payments is expected to have a positive effect on e-commerce, business activities, and everyday settlements. In many cases, instant payments can be handled as a convenient alternative to cash payments.
In order to accomplish instant payment, SEB clients should not make any changes in everyday payments routine by him/herself. Upon launching the system, instant payments will become payment option by default and the cost of the payment will be as much as ordinary payments to the clients of SEB. The Single Euro Payments Area (SEPA) system will continue to operate.
Instant payments are a pan-European payment system which allows making European transfers of up to 15,000 euros in just a few seconds. The advantage of this system over the Single Euro Payment Area (SEPA) system is that it works around the clock and payments are processed fast thanks to automated processes. SEB’s development within this project was organised in cooperation with EBA Clearing, a company providing pan-European payment solutions. In the future, both the remitter’s and the beneficiary’s bank must have joined the system to make an instant payment. Joining the system is voluntary for European banks and presumes that the payment service provider is ready to process payments around the clock.
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