Overview
- From October 9, euro‑area banks must offer outbound SEPA instant transfers on request and run a payee‑name‑to‑IBAN check before release.
- Results return within seconds as match, close match or mismatch signals, and banks may require confirmation for smaller deviations or block larger discrepancies.
- Instant transfers cannot be priced higher than standard SEPA payments, and the payee‑verification service is free for both sender and recipient.
- Instant transfers are hard to recover once sent, with recalls dependent on the beneficiary’s consent, leaving customers liable if they proceed after a mismatch warning.
- The measures are set by EU Regulation 2024/886, start in the euro area and are scheduled to extend across the EU by July 9, 2027, with the UK and Switzerland not included.