From today on, it’s possible to make pan-European instant payments from Portugal to other markets - until now an exclusive service between national banks.
The Instant Payments Solution platform from SIBS, launched in 2018 to ensure instant payments processing at national level, is now also providing these operations between European financial institutions. The service is available 24 hours a day, seven days a week, 365 days a year, ensuring that funds reach beneficiaries' accounts in seconds. This system developed by SIBS allows Portugal to stand out among the SEPA zone markets.
Instant Payments Solution's success reflects in the results achieved since the launch of this solution: more than 5 million instant payments were made in Portugal in the last year, representing around 450 thousand transactions per month, representing 520 million euros per month, with an average value of around 1,150 euros.
Two years after the SIBS Instant Payments Solution platform’s launch, which allows instant payments in Portugal based on accounts, according to the European SEPA Instant Credit Transfer (SCTInst) system, Portugal and the national banking community already has 95% of accounts available in this system. With this evolution, the Portuguese are now able to make instant payments at the pan-European level with the same ease with which they already carry out their domestic instant payments.