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Netherlands completes roll out of instant payments

Source: Dutch Payments Association

Henceforth, all business and private customers of seven Dutch banks can transfer payments at lightning speed, via mobile and online banking.

The amount will generally be credited to the recipient’s bank account within five seconds, also at night, in weekends and on public holidays.

Over the past six months, ABN AMRO, ING, Rabobank, de Volksbank (ASN Bank, RegioBank, SNS) and Knab have gradually connected all their online and mobile banking customers to Instant Payments. The roll-out has now been completed, smoothly and on schedule.

Faster than the European standard
The amount of a Dutch Instant Payment is credited to the recipient's payment account within five seconds, where the European standard allows ten seconds. Moreover, between the seven Dutch banks there is no limit on the amount that can be transferred. Elsewhere in the eurozone, Instant Payments are usually limited to 15,000 euros per payment. Of course, an individual bank can apply its own security limits. A Dutch Instant Payment fully complies with the European standard, the SEPA Instant Credit Transfer.

Leader in the eurozone
More than a million Dutch transfers via mobile and online banking are now credited instantly to the recipient's account, every day of the year, around the clock. In just a few months, the Netherlands has become the undisputed leader in the number of Instant Payments within the eurozone.

In the Netherlands, Instant Payments will soon be the normal, daily way of transferring money, for example to safely pay for a second-hand bicycle without cash, to pay reliably on delivery during the weekend or to pay a free-lancer his or her wages immediately after clocking out, at night.

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