As of 21 November 2017 banks will be able to offer instant payment services to their customers. However, the participation is optional.
SEPA Instant Credit Transfer important features:
- an alternative to cash payments;
- unitary solution for the SEPA area;
- is handled by using an online banking platform or a smartphone app;
- the amount is transferred to the beneficiary within 10 seconds;
- the standard maximum amount is EUR 100.000;
- for EURO transactions;
- no cut-off time, interbank clearing nearly in real-time;
- uses basically the same elements of a classic credit transfer, e.g. the IBAN and BIC.