ABN Amro introduces instant payments

Source: ABN Amro

Starting today, clients of ABN AMRO and a number of other European banks will be able to enjoy superfast transfers between the participating banks.

This system, known as ‘instant payments’, means it will take just a few seconds for money transferred from an account at one bank to arrive in the account of a client of one of the other banks. This makes ABN AMRO one of the first banks in Europe to introduce instant payments.

An instant payment is a transfer in euros from an account within the SEPA zone, which is credited to the recipient’s account within a few seconds. This is only possible if the recipient’s bank cooperates, and the amount that can be transferred is currently limited to no more than EUR 15,000. Instant payments can be initiated at any time of day, 365 days a year. ABN AMRO also allows you to see whether the money has been received by the recipient, and at what time. This also applies for transfers between two ABN AMRO accounts. In that case, there is no maximum amount.

How it works

The client enters a transfer via Mobile Banking or Internet Banking. Before making the transfer, ABN AMRO checks automatically whether the money can be credited to the recipient’s account within a few seconds. This is shown in the payment summary. If the transfer cannot be completed within a few seconds, the summary will contain the message ‘within one working day’. For the client, making an instant payment is just like any other transfer; there is no need to submit a special request. There is no extra charge for instant payment transfers by personal customers; business clients pay the standard SEPA transfer fee.

Are all banks in the SEPA zone taking part?

No. Each bank can decide for itself whether or not to take part, and if so, as of when.

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