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Instant Payments

With Instant Payments, transfers between bank accounts are processed within seconds, at any time of the day. Day and night, every day of the year. In the Netherlands, this is the standard for bank payments.

What is an Instant Payment?

An Instant Payment is a transfer that is credited to the recipient’s account within seconds. This works 24/7, including weekends and public holidays. The payment also arrives immediately if the recipient is with a different bank. The payer can see almost immediately whether the payment has been successful.

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How does it work?

  1. Send – The payer makes a transfer via internet banking or mobile banking.
  2. Processing – The bank processes the order via the SEPA Instant standard.
  3. Receive – The amount is credited to the recipient’s account within a maximum of 5 seconds.
  4. Available – The money can be used immediately, 24/7/365.

Advantages of Instant Payments

For consumers:

  • Pay anytime, anywhere, including evenings and weekends.
  • Immediate certainty that the money has been received.

For businesses and organizations:

  • Immediate receipt of payments, which improves cash flow.
  • Less risk of late payments.
  • Simpler administration because transactions are immediately visible.

Instant Payments in the Netherlands

The Netherlands was at the forefront of the development of Instant Payments in Europe. In 2019, the largest banks jointly introduced this payment method. It is now the standard for almost all individual transfers within the Netherlands.

Features of the Dutch specifications:

  • Maximum processing time: 5 seconds.
  • No limit on the transaction amount.
  • 24/7 availability.

Instant Payments in Europe

Instant Payments are part of SEPA. More and more European banks are joining, making direct transfers possible across borders. Since April 2024, the Instant Payments Regulation (IPR) has required European banks to offer Instant Payments under the same conditions as regular SEPA transfers.

Facts and figures

  • Introduction in the Netherlands: 2019
  • Maximum processing time: 5 seconds
  • Availability: 24/7/365
  • The standard for transfers in the Netherlands since 2023
  • More and more European banks are joining