Instant Payment: Receive money in real time

• Today is the start of instant payments
• In an initial phase only as a “beneficiary bank”
• In the course of 2018, actively initiating payments will become possible

Erste Group, Erste Bank and Sparkassen are one of the first banks in Europe for the implementation of Instant Payments. Instant Payments are payments made in real time in which the money is transferred from the sender to the recipient in around 10 seconds. It will be possible to execute funds transfers immediately 24 hours a day, 7 days a week and 365 days a year. In a first phase, customers of Erste Group, Erste Bank and Sparkassen will only have the option of receiving such real-time payments. In the course of 2018, the function for actively making funds transfers will become available in George und Telebanking Pro. Instant Payments will be limited to a maximum amount of EUR 15,000 per transfer in the first phase. The new European standard developed by the European Payments Council (EPC) has thus made further progress towards standardizing SEPA payment transfers to make national and cross-border payments possible without delay.

 More about SEPA Instant Payments:

https://www.europeanpaymentscouncil.eu/what-we-do/sepa-instant-credit-transfer