SEB: We are expecting a rapid increase in the number of instant payments

Currently, only a small amount of payments reaches another bank in real time, because the instant payment system is only used by a few banks in our region. If some of Estonia’s largest banks were to apply this system, it would make 70 per cent of payments transfer from one bank to another in real time. If several banks were to join, then as many as 90 per cent of internal payments would be received in real time.

‘Currently, only SEB’s Estonian, Latvian, and Lithuanian branches have applied for the instant payment system, along with the Latvian branch of Citadele and the Finnish branch of Nordea, but thanks to them joining the system, 600 transfers are made each day in Estonia, and 100 payments are received. A total of 1,100 European banks have applied for the system; new users are revealed once a quarter, and for the current year, this means 11 September and 20 November.’ Kristiina Jäetma, the project manager of SEB Estonia instant payments, commented the distribution of instant payments.

Instant payments are applied in Estonia as of November 2017. Clients of SEB can make instant payments via online banking and mobile applications. Instant payments are done in real time and 24/7, including on weekends and holidays, and can involve up to 15,000 euros. Wider distribution of instant payments would produce more opportunities for new payment solutions and offer even more alternatives to cash.

Applying the instant payment system is voluntary for European banks and the provider of the payment service must be prepared to process payments around the clock.

Additional information about instant payments

Additional information

Julia Piilmann
Communication Manager
Marketing and Communications Division
SEB Bank

Phone number +372 665 5340
GSM +372 5124 808
address Tornimäe 2, 15010 Tallinn
e-mail julia.piilmann@seb.ee