What are they? 

Instant transfers are an electronic retail payment solution that is permanently available (24 hours a day, seven days a week, 365 days a year). It credits the value of each transfer to the beneficiary's bank account and sends confirmation to the initiator within a few seconds of the payment order being sent.

How do they work?  

An instant transfer is carried out in the name of an initiating customer who has a payment account held with a participating Payment Service Provider (for example a bank, payment institution or electronic money institution), in favour of a receiving customer who also holds a payment account with the same Payment Service Provider or with another participating provider. In time, the service's coverage will extend to any of the countries belonging to SEPA.

The operations are processed in real time (up to 10 seconds after the initiator's Payment Service Provider accepts the payment order).

The per-transaction limit at present is €100,000. This is a standardised limit across Europe. However, Payment Service Providers may set a lower amount as limit, for business and risk management reasons. 

To use this solution, you should approach your Payment Service Provider and ask about the offering and conditions for participating. Note that it is optional for Payment Service Providers to participate in this solution.

Evolution of instant transfer transactions (only SICOI)