SEPA credit transfers are usually credited to the recipient on the following weekday at the latest, whereas SEPA instant credit transfers are transferred in seconds within the euro payments area. Whenever possible, most SEPA credit transfers are cleared to other banks in Finland and Europe in real time as SEPA instant credit transfers.
Real-time payments within seconds
Payments within the entire euro payments area are becoming faster as more and more banks adopt the SEPA instant credit transfer service to replace standard SEPA credit transfers.
- Funds are transferred and available for use within 10 seconds after the payment is sent 24/7, each day of the year.
- Inter-bank transfers in Finland do not have a euro-based upper limit. Banks from other countries also belong to the Closed User Group that doesn’t apply an upper limit. In the SEPA scheme, the general upper limit is now 100,000 euros.
- The same service is used throughout the SEPA between participating banks.
- The largest banks in Finland and throughout the SEPA have adopted the service, at least so that they accept incoming instant credit transfers. Banks will adopt the service based on their own schedule and will begin to provide the service in stages.
How can I start using SEPA instant credit transfer?
- You don’t need to take any action to start using SEPA instant credit transfer. Whenever possible, euro payments confirmed for immediate payment in the op.fi service or on OP-mobile are transmitted from OP to other banks in real time. The condition for instant credit transfer is that the receiving bank processes payments in real time.
- Receiving SEPA instant credit transfer payments is also possible automatically.
- Any payments between OP accounts are always transmitted in real time.
Did you know that as our corporate customer you can facilitate your company’s daily routines through real-time payments?