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Wholesale Banking

Prepare yourself for the EU regulation on instant credit transfers

To overview

On 19 March 2024, the European Union issued the Instant Credit Transfers Regulation to speed up the market adoption of instant credit transfers.

This new regulation brings several changes to the European banking infrastructure. Prepare yourself now so you get to benefit from it in time.

 

9 Jan, 2025

  • The pricing of SEPA instant credit transfers (SEPA CT Inst) and SEPA classic credit transfers (SEPA CT) will be priced identically.
  • You can receive Incoming SEPA instant credit transfers (SEPA CT Inst) on your foreign currency account(s)

 

9 Oct, 2025

  • SEPA instant credit transfers can be initiated through all channels
  • SEPA instant credit transfers can be initiated in batches
  • The limit of €100/K for a single instant payment will cease to exist
  • You can easily set your own transaction limit for instant payments
  • For both SEPA instant credit transfers as well as SEPA classic transfers, a Verification-of-Payee (VoP) mechanism will be offered to avoid fraud

Read more about these changes 

Benefits for you:

  1. Enhanced security: By verifying the payee’s details before a transaction is signed, SEPA VoP significantly reduces the risk of fraudulent payments.
  2. Increased accuracy: SEPA VoP ensures that payments are sent to the correct beneficiary, minimising the chances of errors.

Two men pushing open some huge warehouse doors

For incoming payments:

  • To avoid that your clients paying into your account at ING would see a mismatch (AMBER or RED), provide them with the full name of your entity holding the account.
  • Faster reconciliation: Since SEPA VoP ensures that the name of the beneficiary in your administration is exactly the same as the name in the reporting, SEPA VoP helps to quickly reconcile incoming payments with outstanding invoices.

Opt-out option for batches

  • We understand that businesses have unique needs and preferences. That’s why SEPA VoP includes an opt-out option for batches, allowing you to disable the verification process for specific transactions or accounts. This flexibility ensures that you can tailor the service to best fit your operational requirements.

SEPA Verification of Payee is a vital tool for any business looking to enhance the security, accuracy, and efficiency of their payment processes. By making use of SEPA VoP, you can protect your business from fraud, ensure regulatory compliance, and build stronger relationships with your customers and vendors.

Read more about these changes More about instant credit transfer