Payments of OP’s customers now in real time

Previously, money transfers between banks from one account to another have taken up to several days. In the future, however, the money will be transferred to the payee’s account almost instantly, in less than ten seconds

What does real-time payment mean?

European banks have adopted SEPA instant credit transfer, which enables money to move between banks around the clock, on every day of the year. In the future, a euro-denominated payment confirmed on or OP-mobile will be transmitted from OP also to another bank in real time, whenever possible. Correspondingly, OP will also receive payments from other banks in real time. Real-time payment will be adopted in stages.

The condition for instant payment transmission is that also the other bank transmits payments in real time. Over half of SEPA banks are already participating, and during 2020 it is estimated that the service will be available in most banks, also in Finland.

What are the benefits of real-time payments?

Larger transactions between private people become less risky when the payment is verified before the merchandise is delivered and no cash is needed. Real-time payment enables faster deliveries, for example, in buying a car when the payment is instantly shown in the payee’s account. Real-time SEPA instant credit transfers have no euro maximum in Finland but elsewhere in Europe the maximum amount is €15,000. On 1 July 2020, the amount will be increased to €100,000.

How can I become a real-time payment user? 

You do not have to do anything to send or receive a SEPA instant credit transfer. When you make a payment on or OP-mobile for the current day, the payment will be immediately transferred to the payee in real time, whenever possible.

What does real-time payment cost?

As OP’s private customer, sending and receiving SEPA instant credit transfers is free of charge.

How do companies benefit from real-time payment?

OP’s corporate customers can already now receive real-time payments. When it comes to corporate customers, real-time payment from OP to other banks will begin in stages towards the end of 2019. 
When payments become real-time, companies have the chance to speed up deliveries, improve customer service and make liquidity management more effective.