A payment received as a SEPA instant credit transfer can be identified by the text "SEPA instant credit transfer" in the electronic bank statement’s and transaction statement query’s message or description field. A payment received as a normal SEPA credit transfer can be identified by the text “SEPA credit transfer” in the corresponding field. A SEPA instant credit transfer arriving with a reference is shown on the transaction list, in the same manner as a bank transfer with a reference received as a SEPA credit transfer.
In account reporting, a payment sent as a SEPA instant credit transfer is not distinguished from payments sent as SEPA credit transfers.
No changes will be made to bank statement and reference data generation practices and times in this regard. The processing times for payloads and reports in the Web Services channel for businesses are the same as for current SEPA credit transfers: every weekday from 7.00 to 18.00. The processing cycle for payloads will be thirty minutes, as now. However, after successful processing of a SEPA instant credit transfer, payments will be in the payees’ accounts within seconds. Individual urgent payments sent under the real-time urgent payment data type will be processed immediately at all hours, every day of the year.
The cost of incoming and outgoing SEPA instant credit transfers is the same as that of normal SEPA credit transfers with a reference or message.
Payment volumes are expected to shift from normal SEPA credit transfers towards SEPA instant credit transfers with increasing speed. The inter-bank POPS express transfer in Finland is likely to be replaced by SEPA instant credit transfer, when Finnish banks have introduced SEPA instant credit transfers via their own channels.