Overview

• From October 9, euro-area banks must offer outgoing SEPA instant payments on request with funds delivered in about 10 seconds.
• Before release, banks must run a Verification of Payee check that compares the entered name with the IBAN and returns a match, close match, or no match for the payer to decide.
• EU rules require that instant transfers and the recipient check are provided without higher fees than standard SEPA transfers.
• Instant payments are effectively irrevocable once sent, and recall attempts typically succeed only with the recipient’s consent.
• Banks say the instant option will not be preselected in online banking, and many are already live, with DKB switching on October 7 and broader EU application scheduled for July 9, 2027.