SEPA Instant Credit Transfer — Get paid in less than 10 seconds without any intermediaries
POSTED ON: 7 Apr, 2020
In many cases, waiting for a transaction to be processed for several hours can result in losses. But what if you could pay and receive payments in less than 10 seconds, regardless of the time and day of the week? This concept has led to the creation of SEPA Instant Credit Transfer.
Key Advantages of SEPA Instant Credit Transfer
SEPA Instant is a new bank transfer technology that allows for euro transactions to be processed in seconds at any time. Unlike VISA or MasterCard payments which are confirmed instantly but are settled within days, SEPA transfers are truly instant and settled immediately upon confirmation. SEPA Instant payments have a limit of 15,000 EUR per transaction, and the fees are as low as in regular SEPA transfers. This means that the incoming transactions are completely free!
Both person-to-business and person-to-person transactions can leverage this payment method to their benefit. For example, SEPA Instant can be used to share a bill at the restaurant or purchase a second-hand car, transfer wages, or settle payments for certain goods and services with your business partner.
How Long Does a SEPA Instant Payment Take?
Thanks to the fact that SEPA Instant uses direct routing from the sender’s banking institution to the recipient’s one and doesn’t involve any intermediaries or correspondent banks, these transfers are processed in less than 10 seconds.
This transfer mechanism is also the closest alternative to cash payments, as the process is almost immediate and doesn’t depend on the banking holidays, weekends, or other non-operational timeframes.
Which Countries Support SEPA Instant?
This technology is not available everywhere so far but is extending rapidly and is now accessible to over 520 million customers in 31 European countries. The final list will comprise at least 36 countries, including the entire EU, Iceland, Norway, Liechtenstein, Switzerland, Monaco, and San Marino.
What’s important, SEPA Instant Credit Transfer is quite flexible, meaning that some Payment Service Providers use it to accept transfers only. SatchelPay is located in Lithuania and utilizes this technology to its most. SatchelPay customers can both send and receive 10-second-fast SEPA Instant transfers.
How to Make a SEPA Instant Payment
Receiving Instant Payments is fairly easy; you just have to send your customers the basic data, IBAN / BIC code, and if you both have Instant payments enabled, the transaction will be sent automatically.
If you wish to initiate one, however, you will need to contact your banking provider to enable the functionality. SatchelPay made this process as fast and comfortable as possible. You will only need to fill a short form and wait for the 24/7 support team to contact you back.
After SEPA Instant Credit Transfer is enabled, you will be able to send lightning-fast wire transfers as usual, from your mobile app or web interface.
You can join SatchelPay to get access to a range of modern financial instruments for private and corporate banking in Europe and whole world, including the SEPA Instant Credit Transfer.
In June 2020, the limit for SEPA Instant will be lifted to 100,000 EUR, the list of economies you can interact with extended to 36, and the time needed to settle transactions even further decreased.
If you become a client of SatchelPay now, you will immediately gain access to all available upgrades to the Instant Payments in the future, and will always keep up with the pace of the latest fintech advancements in Europe.