SEPA Instant Progress, or the lack of it...

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Freelance

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The Instant Payments Regulation (EU) 2024/886, entered into force in April 2024. Among other requirements, it stipulates that banks systems should be capable of receiving SEPA instant transfers no later than 9th of January 2025 and sending SEPA instant transfers no later than 9th October 2025. So today being the 10th January 2025 and having passed the first deadline I thought I'd conduct a little test to gauge progress. Disappointing results (checked one hour after the transaction were initiated) ...........

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So looking a bit half baked to be honest.

I subsequently found the following in relation to PTSB, presumably their implementation was impacted by their various system outages/crashes/failures towards the end of 2024. It looks like they had to delay/rollback the changes and won't be up and running until the end of the month. No recent pronouncements on SEPA Instant from Tweedledum and Tweedledee (BOI and AIB) so not sure what their excuse is. I understood that both were committed to meeting the deadlines.

Incoming SEPA Instant Credit Transfers for PTSB payment accounts – Available from the end of January​

Published on 9 January 2025

Incoming SEPA Instant becomes effective from 09 January, however, PTSB payment accounts will not be able to receive incoming SEPA Instant until the end of January.
From the end of January, PTSB payment accounts, which include Current, Demand Deposit and Credit Card Accounts, will be able to receive payments made by SEPA Instant Credit Transfer within 10 seconds, 24/7, 365 days a year. Prior to the end of January, incoming payments will be processed on the same or next business day, subject to cut-off times.
If you have any queries, please contact our Customer Support Team on 0818 502 424 (or +353 1 2124101 from abroad). Our lines are open 9am to 5pm Monday to Friday (excluding bank holidays) and 10am to 2pm Saturday and Sunday.

https://www.ptsb.ie/about-us/notice...t-credit-transfers-for-ptsb-payment-accounts/
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My belief is that AIB have been trialing it, but not sure how quickly they'll make it available to all....

The three Irish Banks all wasted valuable time, and money, trying to create their own (poor man's) version of this "Yippay") , when they should have been preparing to adopt SEPA Instant. No excuse acceptable in my mind, for that pure stupidity. Yet, I don't recall hearing about anyone being fired.
 
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Freelance said:
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I tested this with N26 and Revolut. N26 to Revolut works, N26 to Trade Republic works a charm, N26 to Bank of Ireland fails (to account for my credit card) - N26 gives the error message of the receiving bank rejecting the instant transfer, N26 to Trading 212 fails in similar manner. Revolut does not provide instant to N26 when I try to see if that comes up as an option as it does with all transfers from N26, so it's still the 1-2 day transfer option although if sent in the morning period it will arrive a few hours later, if you send in the evening or weekends it won't arrive til the next day/Monday.
 
dubliner8 said:
I tested this with N26 and Revolut. N26 to Revolut works, N26 to Trade Republic works a charm, N26 to Bank of Ireland fails (to account for my credit card) - N26 gives the error message of the receiving bank rejecting the instant transfer, N26 to Trading 212 fails in similar manner. Revolut does not provide instant to N26 when I try to see if that comes up as an option as it does with all transfers from N26, so it's still the 1-2 day transfer option although if sent in the morning period it will arrive a few hours later, if you send in the evening or weekends it won't arrive til the next day/Monday.
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SEPA instant has been there for a few years with the non-Irish banks. I'm so used to it at this point, that I get a bit concerned when the Mrs sends a wedge of money from her AIB account to my Bunq account and it hasn't arrived within a minute.
 
Fortune said:
SEPA instant has been there for a few years with the non-Irish banks. I'm so used to it at this point, that I get a bit concerned when the Mrs sends a wedge of money from her AIB account to my Bunq account and it hasn't arrived within a minute.
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The fact that you have a wife that sends you money, rather than just asks for it, if a few rare thing ... so don't complain! ;)
 
MrEarl said:
The fact that you have a wife that sends you money, rather than just asks for it, if a few rare thing ... so don't complain! ;)
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With the rarity of the occurrence, I'm especially paranoid about it being last in the digital ether
 
Fortune said:
SEPA instant has been there for a few years with the non-Irish banks. I'm so used to it at this point, that I get a bit concerned when the Mrs sends a wedge of money from her AIB account to my Bunq account and it hasn't arrived within a minute.
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For premium accounts? With Revolut, that was only Revolut to Revolut and same day to other accounts if done in the morning period. Maybe they did instant for premium like N26?
 
dubliner8 said:
For premium accounts? With Revolut, that was only Revolut to Revolut and same day to other accounts if done in the morning period. Maybe they did instant for premium like N26?
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I've been able to do instant transfers to and from revolut free account for quite some time now. I've never even set up the card transfers that everyone else seems to use (and that seems to be how people lose thousands to scammers.
 
While N26 to EBS was instant yesterday, today I got an error for N26 to EBS and then they say EBS doesn't accept instant.
Meanwhile I did EBS to N26 and it hasn't arrived.
Seems like we will have teething issues for quite some time.
 
dubliner8 said:
While N26 to EBS was instant yesterday, today I got an error for N26 to EBS and then they say EBS doesn't accept instant.
Meanwhile I did EBS to N26 and it hasn't arrived.
Seems like we will have teething issues for quite some time.
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SEPA instant is only mandatory for receiving so EBS don't have to send it instantly. They have until October to implement SEPA instant for sending.
 
Update

I reviewed the transactions after the weekend and updated the table. Overall the results are disappointing and suggest that the implementation by all three banks is poor/hit and miss/delivering inconsistent results. None of the three (AIB, BOI, PTSB) have got it right and PTSB demonstrating total incompetence.

Also shows the CBI up for the lazy and toothless wonder the it is given that the three amigos feel comfortable taking such as relaxed attitude.

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I have tried both N26 and Revolut (basic free accounts on each) and both arrive instantly in my BOI current account.
 
It's not just the Irish institutions that are lagging. Sent money from my son's DKB current account to his Quirion account and it took 3 days.
 
It’s a real game changer if the right businesses start to make use of it.

I had some plumbing work done recently for €800 and the plumber wanted cash, cheque or card payment only.

With instant payments I could have paid him there and then without the hassle for him of going to the bank or of paying 1.5% in a merchant fee.
 
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