Sepa Instant Payments

EU Instant Payments Regulation

Background 
In January 2025 the first stage in the roll out of the EU Instant Payment Regulation (“IPR” - Regulation (EU) 2024/886) started, covering the receipt of ‘Single European Payments Area’ (“SEPA”) Instant Payments in countries with the Euro as their base currency.  This was then be followed in October 2025, when the regulation extended to the origination of SEPA Instant Payments, in countries with the Euro as their official currency. 

The SEPA Credit Transfer Instant (“SCT Instant”) payments will then become the default method for making payments by Payment Service Providers (“PSPs”) in the EU, rather than SEPA Credit Transfers (“SCT”) used currently. 

Another feature of the regulation and of the SEPA Rulebook 2025 is the introduction of a need for a “Verification of Payee” service, which is aimed at increasing anti-fraud measures. 

Where are we right now? 

SEPA Instant payments – Incoming 
SMBC offices in Belgium, France, and Germany are all enabled to receive incoming SCT Instant payments and have been offering the facility to process these transactions since May 2025.   We also remain able to send and receive SCT payments.   

Verification of Payee 
The SEPA Rulebook 2025 mandates all SEPA - SCT and SCT Instant- payments made online to be scanned by the “Verification of Payee” (VoP) scheme, to ensure the Payee Name and Account Number (IBAN) match before a payment instruction is sent to the Payment Service Provider.  VoP helps to enhance the safety and reliability of payments within SEPA.  

SMBC has been offering VoP services to our customers since November 2025.

SEPA Instant payments – Outgoing 
SMBC implemented outgoing SEPA instant payments services across our offices in Belgium, France and Germany in May 2026, in addition to the existing traditional SEPA Credit Transfers.

The service is offered via our online banking and host-to-host channels. SEPA Instant payments can be submitted 24 hours a day, 365 days a year, and the funds will be credited to the beneficiary account within 10 seconds. 

The VoP service is available for both traditional SEPA Credit Transfers as well as SEPA Instant payments.

FAQs 

How do I recognise the transaction as SEPA Instant Payment on my Account statements? 
Incoming SEPA Instant Payments can be recognised by the Transaction Code “PMNT-ICDT-ESCT” followed by the Description “Instant Payment Receive Credit”, in your account statements. 

Outgoing SEPA Instant Payments can be recognised by the Transaction Code “PMNT-RCDT-ESCT” followed by the Description “Instant Payment Send Debit” in your account statements. 

Why is the UK not included in SEPA Instant and VoP releases? 
The regulation has set out different implementation times for credit institutions / banks (CIs) and payment institutions (PIs), and for payment service providers (PSPs) located in the Eurozone (i.e. Member States where the official currency is the euro) and in Member States outside of the Eurozone (when processing euro payments).  Non-Euro denominated jurisdictions participating in SEPA are not in scope until 2027.

Is there a maximum transaction limit amount set for receiving SEPA Instant Payments? 
There is no upper limit set in receiving SEPA Instant Payments.

Is there a maximum transaction limit amount set for sending SEPA Instant Payments? 
There is no upper limit set in sending SEPA Instant Payments at SMBC.   Each customer can request to setup an internal Daily Limit or Per-Transaction Limit. 

Can I continue to send and receive non-Instant SCT payments? 
Yes, existing SCT payment method will continue to be supported. 

Are there any fees associated with SEPA Instant Payments? 
Fees for SEPA Instant Payments will be the same as current SCT payments, there will be no change to charges.   

Are SEPA Instant Payments secure?  
Yes, SEPA Instant Payments adhere to the same security standards as traditional SEPA payments, ensuring secure and reliable transactions. 

What happens if a SEPA Instant Payment fails? 
If a SEPA Instant Payment fails, the funds are typically returned to the sender's account immediately. Common reasons for failure include exceeding transaction limits or the recipient's bank not supporting instant payments. E-Moneyger® customers will be notified of any failed payments so that you can resubmit them using the regular SEPA Credit Transfer or SWIFT payment type. 

For further details on SEPA Instant Payments, please refer to: 

CMS Help Desk  
Email: emoneygerhelpdesk@gb.smbcgroup.com