SEPA Instant

The SEPA instant payments regulation came into effect in 2025. This means you have been able to receive money into your account instantly since the 9th January 2025 and you will be able to send instant payments on or before the 9th October 2025. Payments will be made instantly and received within 10 seconds, 24 hours a day, 7 days a week, even at weekends and on bank holidays.

There will be no need to install extra apps, as the additional functionality will be available in your online or mobile banking access to allow you to send and receive euro payments across the Single European Payments Area in under 10 seconds.

You will receive immediate confirmation on successful completion of the payment, giving you peace of mind that your payment has been delivered successfully. SEPA Instant makes managing your money faster, easier, and more convenient than ever.

There are no cut-off times for Instant payments made through online banking. Subject to internal controls and validations you can set up a payment on any day, at any time, and it will be processed instantly.

SEPA Instant will be available from 9th of October 2025 to make outbound payments.

Since 9th of January 2025, you have been able to receive SEPA Instant payments into your Shares account 24/7 any day of the year. Accounts that cannot receive SEPA Instant payments include loans, mortgages and certain deposit accounts.

• Instant Euro Transfers: Real-time payments across participating European banks.
• Always Available: No more waiting—payments available anytime, even outside business hours.
• Simple Access: Use your existing online banking or mobile app. Just choose "Instant Transfer" when sending euros. Or you can go into your Credit Union during opening hours.

• Your account number and login details remain the same.
• Your existing payment options will not change.
• Our commitment to a secure, reliable service.

• SEPA payment: The standard SEPA payment can take between one and two business days to reach the payee/beneficiary payment service provider/bank.
• SEPA Instant payment: payments, if successful, are credited to the payee/beneficiary within 10 seconds of the payment being made, 24/7, any day of the year.

SEPA Instant offers fast, convenient euro transfers within the Single European Payments Area (SEPA Zone), but there are some important limitations to be aware of:

1. Payment Service Provider (e.g. Bank or Credit Union) Participation Required Both the sending and receiving institutions must support SEPA Instant. If the recipient’s bank does not participate, the payment may be declined or processed as a regular SEPA Credit Transfer instead.
2. Euro Currency Only SEPA Instant is available only for euro-denominated (€) transactions. Both accounts must be in the SEPA zone and able to send or receive euros.
3. Amount Limit You will be able to set a limit for instant payments. This limit cannot be more that the overall Credit Union SEPA Instant limit of €20,000.
4. Geographic Restrictions This service is limited to countries in the SEPA zone, which includes all EU member states, together with Iceland, Liechtenstein, Norway, Switzerland and Monaco.
5. Availability may Vary SEPA Instant is designed to operate 24/7, 365 days a year, including weekends and holidays. However, some Payment Service Providers may perform maintenance or impose temporary service interruptions. In rare cases, national regulations may affect availability.

Both the sending and receiving institutions must support SEPA Instant. If the recipient’s bank does not participate, the payment may be declined or processed as a regular SEPA Credit Transfer instead.

SEPA Instant payments cannot be automatically recalled. The SEPA Instant payment is processed in under 10 seconds, and once the funds are transferred, they are immediately credited and available in the recipient’s account.

A recall may be requested (but not guaranteed) in these situations:

1. Fraud – If the payment was made as a result of fraud or deception.
2. Technical error – If there was a duplicate payment or an obvious mistake (e.g., wrong IBAN).
3. With the recipient’s consent – The receiving bank may contact the recipient to return the funds voluntarily.

• Contact us immediately to discuss the situation. We can attempt a recall request or reach out to the recipient bank.
• Be aware that recall success depends on the recipient — especially if the funds are already withdrawn or the account is closed.

Verification of Payee is a fraud-prevention service that checks whether the account name you enter when setting up a payment matches the name on the recipient’s (person you are sending to) bank account. This extra layer of security helps ensure that your money is going to the right person or business.

From the 9th October 2025, when you initiate a payment—whether online, through a mobile app, or in office—the VoP check will verify that the recipient's name matches the account number (IBAN). This real-time check aims to reduce fraud and prevent misdirected payments.

When you set up a payment:

1. You enter the recipient’s name, IBAN/account number, and bank details.
2. The system checks whether the name matches the account at the receiving bank.
3. You get one of three possible results:

✅ Match – The name and account number match.

⚠️ Close Match – The name is similar; you are advised to double-check.

❌ No Match – The name does not match the account; you are warned before proceeding

• Helps prevent fraud.
• Reduces misdirected payments due to typos.
• Gives you greater confidence before sending money.

VoP will check if the name of the person or organisation you want to pay is an exact match to the name on their bank account.

The payee names you have already set up might not match. The VoP result will advise if the name is a Full Match, Close Match or No Match.

It is advisable for Close Match and No Match VoP results that the payment details are checked with the beneficiary in order to avoid errors or frauds.

Whether the VoP result is Full Match, Close Match or No Match, in all scenarios you will have the choice to continue with the transaction or to cancel it.

VoP will check if the name of the person or organisation you want to pay is an exact match to the name on their bank account. The payee names you have already set up might not match. To avoid disruption, check your existing payee names.

To check your payees log in to your online banking via the Web, go to ‘Manage Payees’. Do the names match the exact names on their bank accounts?

If you saved a payee as “Dad” but the actual name on their bank account is “John Smith”, VOP will say “Payee name does not match” when you go to pay them.

If you saved a payee as “Plumber” but the actual name on their bank account is “John Smith T/A JS Plumber”, VOP will say “Payee name does not match” when you go to pay them.

• Ask your payees for the name shown on their account.
• When you add a new payee, make sure that you use this exact name.

Log in to online banking via the Web . Click ‘Manage payees’ and then click ‘Add new external account’ and enter the payee details. Make sure you use the correct IBAN and the exact name.

If you need to update a payee name, you will need to delete the payee and then add the payee again.

• Delete the existing payee using the ‘Manage payees’ option available in online banking when you log in via the Web. Click ‘Manage Payees’, then choose the payee you want to delete. Then click the white ‘X’ beside the name to ‘Delete payee’.
• Add the payee again, using their existing IBAN details with the updated name, click ‘Manage payees’ and then click ‘Add new external account’ and enter the payee details.

There will be no need to install extra apps, as the additional functionality will be available in your online or mobile banking access to allow you to send and receive euro payments across the Single European Payments Area in under 10 seconds.

You will receive immediate confirmation on successful completion of the payment, giving you peace of mind that your payment has been delivered successfully. SEPA Instant makes managing your money faster, easier, and more convenient than ever.

There are no cut-off times for Instant payments made through online banking. Subject to internal controls and validations you can set up a payment on any day, at any time, and it will be processed instantly.