Skip to content

Instant Payments becoming the new normal

Published on:

Following a successful launch phase, seven Dutch banks will now gradually connect all customers who use internet or mobile banking to Instant Payments.

Young man and woman stand opposite each other outside and use their smartphones for a request-to-pay.

By around the beginning of the summer, all single electronic credit transfers between ABN AMRO, ING, Rabobank, SNS, ASN Bank, RegioBank and Knab will be credited to the recipient’s account within five seconds, including at night, at weekends and on public holidays.

The first instant credit transfers between the participating banks were made in February. Since then, one million Instant Payments have been processed within the target time of five seconds. Instant Payments are continuously available to all connected customers, 24 hours a day, seven days a week.

Stopwatch icon indicating that an Instant Payment takes no more than five seconds.
Icon indicating that Instant Payments are always available, 24 hours a day and seven days a week.
Icon indicating that transferred funds are immediately available to the recipient.







Secure payments, faster business

With an Instant Payment, the recipient sees the amount appear in their current account within five seconds. They can use it immediately to make payments of their own.

“Instant Payments create new opportunities for consumers and businesses,” says Piet Mallekoote, director of the Dutch Payments Association. “No one has to carry large amounts of cash through the streets to buy a second-hand bicycle or car. Everyone can do business faster and pay at the exact moment goods or services are delivered, for any amount, anywhere and at any time, using a smartphone, tablet, laptop or desktop computer.”

Automatic, without registration

Bank customers will be connected automatically to Instant Payments at some point over the coming period. “You do not need to do anything yourself,” says Piet Mallekoote. “So do not be misled by possible phishing messages claiming otherwise.”

Read all about Instant Payments in the Netherlands.

Related articles