Instant Payments

General Information

  1. Do all banks in the Netherlands offer Instant Payments?

    Participation in Instant Payments is optional. However, most banks in the Netherlands are participating and will offer Instant Payments in the Netherlands from early 2019. It is expected that in due time more banks will follow. Banks in other SEPA countries will also offer or are already offering Instant Payments.

  2. What are Instant Payments?

    Instant Payments are payments whereby the payment amount is credited immediately on the account of the beneficiary. Resulting in access to the funds for the beneficiary within seconds, any time of the day (24/7), any day of the year (also on weekends and public holidays). Regardless of where the bank account is held.

    It concerns payments in euros within the SEPA countries.

  3. Will all Payment Service Providers/banks in the Netherlands offer Instant Payments?

    Participation by banks in the Instant Payments infrastructure is voluntary. The major banks in the Netherlands are actively participating in the development of the Instant Payments infrastructure and are committed to offer Instant Payments services to their customers from the start. It is expected that in due time most of the payment service providers will follow suit and offer Instant Payments to their customers.

    Banks in other SEPA countries will also start offering Instant Payments to their customers. In some non-euro countries, banks are already offering Instant Payments.

  4. Will all payments migrate to Instant Payments?

    Single payments via mobile devices and internet banking will be first in line to be processed as Instant Payments. Other arrangements have not been made. At the beginning it will mostly concern payments in euros within the Netherlands. The reachability of Instant Payments from and to European banks may differ per bank. This is because every bank, both in the Netherlands and in Europe, can decide for themselves when they connect.

  5. Does the customer have a choice in selecting an Instant Payment or a payment based on the current standard?

    No, the participating Dutch banks will automatically process payments via mobile devices and internet banking as Instant Payments. If the bank of the payer or the beneficiary does not participate, the payment will be processed on the same day or the next business day. This is according to the current standard.

  6. What will happen with other payment products (besides mobile and internet payments)?

    If it is considered advantageous, other payment products can also be offered as Instant Payments. Time will tell if this will be the case, and if so, at what rate. There are no plans to phase out the current infrastructure in favor of the Instant Payments infrastructure.

  7. Do Instant Payments have an impact on point of sale terminal transactions?

    No, (contactless) point of sale terminal transactions continue to work as we are used to.

Information about Payments

  1. What does it mean to be open 24/7, every day of the year?

    It means that an Instant Payment will always be directly credited on the account of the beneficiary, 24 hours a day, every day of the week, even at night, weekends and holidays. Of course the payer must have enough funds in his account to make the transfer.

  2. Is the transaction speed (< 5 seconds) possible from a technical point of view?

    Based on test results of the participating banks and gained experience in other countries where Instant Payments are being used, the transaction speed of 5 seconds is achievable.

  3. What will be the costs of Instant Payments?

    Each bank will determine whether, and if so, what fee(s) they intend to charge for Instant Payments.

  4. Will there be a maximum amount per payment?

    Banks in the Netherlands use the same limits for Instant Payments as they currently use for mobile and internet banking. The infrastructure within the Netherlands has no limit to the amount for outgoing or incoming payments. Instant Payments should be able to support all payment types over time.

    For cross border Instant Payments there is a maximum amount applicable. This maximum amount is currently set on EUR 15.000,-.

  5. What about safety and reliability?

    Safety and reliability of Instant Payments must comply to the same high standards as the current infrastructure for transfers between banks.

  6. Will the IBAN Name check also be applicable for Instant Payments?

    Yes, the bank will apply the IBAN Name Check when entering the account number and the name of the beneficiary. In this respect there is no difference between a normal or an Instant Payment.

  7. Can I recall an Instant Payment?

    Whenever a payment (including the Instant Payment) is approved and sent, it cannot be recalled.

  8. What will happen if an Instant Payment is not (directly) successful?

    The payer will notice very quickly whether if a payment is successful or not. There can be various reasons for an unsuccessful payment. For instance, the payer could have insufficient funds or the account of the beneficiary could be closed.

  9. Will the payer get an instant confirmation if the beneficiary has received the funds?

    The payer will notice very quickly if the payment has been successful. How the payer is notified might differ per bank. Banks inform their customers on this topic.

Planning

  1. What were the recent activities?

    Since the MOB meeting in May 2015 the Dutch Payments Association, in close collaboration with the Dutch Central Bank (DNB), has worked out a more detailed design of Instant Payments both from a functional (customer) perspective as well as from a technical perspective (clearing and settlement).

    In the second half of 2016 the requirements as drafted by the Dutch program have been reviewed and amended based on the available European (EPC) SEPA Inst rulebook and implementation guidelines. The latest version can be obtained by sending us an e-mail. From the beginning of 2017 the Payment Service Providers (re)built their systems and selected their suppliers. Subsequently, the (end-to-end) tests between the payment service providers started in July 2018.

  2. When will Instant Payments be available?

    Early 2019 the first transactions will take place, followed by a gradual roll-out in the first half of 2019.

Europe

  1. Is this new development in the Netherlands aligned with the European developments?

    The Dutch Payments Association participates directly and actively in the development and maintenance standards within the European Payments Council (EPC). This also includes Instant Payments.

  2. Where can I find which countries and Payment Service Providers participate in Instant Payments?

    The EPC registers which Payment Service Providers in which countries are offering Instant Payments conform the European standard. The list of participants is available on the website of the EPC as ‘Register of Participants’.

    At the start of Instant Payments in 2019 the Dutch customer will profit from Instant Payments only in the Netherlands. It is expected that Instant Payments will be increasingly available in other European countries.

  3. Which countries and banks offer Instant Payments?

    Banks in Europe are also active in the implementation of Instant Payments. Since November 2017 banks adhere to the European standard. Every bank in Europe decides for themselves when to adhere to this standard. The European Payments Council (EPC) registers which banks comply to the European standard on Instant Payments. For more information see our page on Europe. Banks inform their own clients when Instant Payments from and to foreign banks are possible. They also provide information to which European banks they are connected.

  4. How does the Dutch Instant Payments program relate to other European initiatives?

    An Instant Payment from the Netherlands complies fully with the European standard. For an Instant Payment in euros to take place, between a Dutch bank and a foreign bank in Europe, both banks have to adhere to the European standard for Instant Payments. Every bank in Europe decides for themselves when to adhere to this standard. Banks inform their customers when Instant Payments are available from and to foreign banks.
    Instant Payments within the Netherlands have the following qualifications:

    • The payment takes place within 5 seconds
    • Every amount is possible in theory; the bank decides, as they do now, which maximum amount is allowed for different payment types (mobile banking, internet banking)

    The European standard applies to an Instant Payment from or to the other countries within Europe: every transfer has a limit of 15.000 euro and takes up to 10 seconds before the money is credited to the account of the beneficiary.

Companies

  1. When will Instant Payments be credited?

    For payments processed as Instant Payments, there will no longer be a difference between a working and a non-working day. The amount payed will be credited directly and is instantly available for the beneficiary.

  2. Is there any additional information available?

    Business clients can contact their own bank for further, business related questions.

  3. What about the crediting of funds and the interest calculation?

    For payments processed as Instant Payments, there will no longer be a difference between a working and a non-working day. The amount payed will be credited directly and instantly available for the beneficiary. Instant Payments will also comply to all applicable terms and regulations (Payment Service Directive and any other legislation, rules and regulations).

  4. Does the introduction of Instant Payments have an impact on the reporting I receive from my bank?

    The reporting of the banks might change. Banks will inform their clients accordingly.

  5. Do I have to change my administration as a consequence of the introduction of Instant Payments?

    Instant Payments will be processed on working and s non-working days. This might require some adjustments for your administration, systems or terms of delivery.

    Instant Payments offers new opportunities for online and real-time services. To benefit from these new possibilities a redesign of your business processes might be necessary.

    Companies should take into account that their customers know that their Instant Payment is instantly credited to your company. This might impact the way you arrange your customer service.

  6. Can I use Instant Payments for payments to/from my blocked (tax) account?

    Each bank decides this for themselves. Banks will inform their clients accordingly.

  7. When can I expect the first incoming Instant Payments?

    From early 2019 more and more Instant Payments will take place. Therefore private and business clients can receive these payments in the first half of 2019 in real time and 24/7, at night, in the weekend and on holidays. This happens in the same way as current transactions between two accounts at the same bank. Please, keep this in mind and be prepared!

    If you have any further questions, please contact us by sending an e-mail to instantpayments@betaalvereniging.nl.

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