SEPA

downtheroad

Is SEPA not meant to be instant (or close to it)? Just read this comment inan article about An Post Money in The Irish Times

There was a delay in customers receiving SEPA payments (which includes wages) due to them yesterday, these will all be processed within the normal 24 hour payments window for SEPA,” the spokesman told The Irish Times.

https://www.irishtimes.com/ireland/2022/08/05/an-post-moneys-systems-hit-with-serious-software-malfunction/

fritzelly

https://www.boards.ie/discussion/2058257638/sepa

I don't think any Irish bank has signed up to it - weren't AIB and BOI talking about creating something to do instant transfers between banks in Ireland conveniently forgetting it already exists but that would mean they would have to do it EU wide

edit talked about here

SEPA Instant - Any sign amongst mainstream banks? — boards.ie - Now Ye're Talkin'

cython

No, SEPA payments clear centrally in European clearing and as such will be next business day once submitted in time, but should be consistently next business day across all banks in the SEPA area. It is possible to pay extra for a faster transfer, but it's still not instant.

Realistically you'll only get instant payments between accounts within the same financial institution, as far as I'm aware.

L1011

There is Instant SEPA, which nobody in Ireland has implemented.

Most same bank transactions are instant 24/7 these days; for bank to bank there is still batch processing on one or both ends, and often on workdays only.

downtheroad

Cheers guys. Use Barclays for UK banking in work and all payments to any other UK account are in the beneficiary account within 2 hours. Use BoI in Ireland, always takes a day to transfer to AIB/PTSB etc. Not sure this Synch app will be the answer, seems like an extra layer that's not required seeing as the UK banks can operate relatively instant transfers without it.

L1011

UK domestic banks have a separate system called Faster Payments.

downtheroad

https://www.boards.ie/discussion/comment/119434704#Comment_119434704

It works fantastically well. Tried to make a Bank of Ireland payment last Monday to get an error message saying its a public holiday so no payments. Comical stuff. Does a human have to process all of their payments?

The J Stands for Jay

https://www.boards.ie/discussion/comment/119434655#Comment_119434655

Wrong. Send a payment from Bunq to N 26 and it arrives instantly.

cython

https://www.boards.ie/discussion/comment/119436085#Comment_119436085

That's an extension of SEPA, the Instant Credit Transfer Scheme (https://www.europeanpaymentscouncil.eu/what-we-do/sepa-instant-credit-transfer) and something which participant banks have to additionally implement atop SEPA, but are not required to support, so an exception rather than the rule, at least at present.

Jim2007

https://www.boards.ie/discussion/comment/119436085#Comment_119436085

Unless the institutions involved have given you an actual commitment, then don't be surprised if ti fails at some point

Jim2007

https://www.boards.ie/discussion/comment/119434658#Comment_119434658

The problem with Instant SEPA, is that banks would need to double their infrastructure to ensure no down time and with users unwilling to pay higher fees it is unlikely to happen in its current format.

Perhaps a service offered on a 'best efforts' might fly.