Instant payments are here – what do you need to know?
October 28, 2025
Imagine sending or receiving money in your bank account in the time it takes to send a text. No more waiting hours or days for funds to arrive, or for an important payment to go through—all done in just under 10 seconds.
From 9 October 2025, instant payments are available to all consumers across the Single Euro Payments Area (SEPA) which covers the majority of European countries. Whether you’re transferring money within Ireland or to another European account, your transactions will be faster than the usual one to three business days you may be used to. While some FinTech providers are already offering this option between their users, this change means all banks and payment providers in Ireland now offer instant payments.
Speed and 24/7 availability bring clear benefits—but they also introduce new risks. With money moving so quickly, a little extra caution is needed to avoid costly mistakes or falling victim to fraud. Instant payments are a powerful tool, but they require smart use.
One of the biggest challenges is accuracy. Because instant payments go through within seconds and you can’t cancel or taken them back once sent, it’s important to make sure all the recipient’s details are correct before confirming a transfer.
Verification of Payee (VoP) helps prevent mistakes and fraud. From 9 October 2025, all payment service providers in the EU must offer VoP before you authorise a payment. It allows you to confirm that the name on the account matches the IBAN—giving you an extra layer of protection before your money is sent.
If you make a mistake when sending an instant payment, you’ll need to contact your bank or payment provider to request a recall. This process may help recover your money in certain cases—like fraud, technical errors, or entering the wrong IBAN. While a recall isn’t guaranteed, it gives you a possible way to get your money back after an instant payment.
Fraudsters are keeping up with changes in payments. Because instant payments can happen anytime—day or night, even on weekends and holidays—they can also be used for scams across borders. That’s why it’s more important than ever to stay alert and act quickly if something doesn’t seem right. You can learn more about protecting yourself from scams on CCPC’s fraud page.
With the right information and tools like VoP and Instant Recall, you can enjoy the speed and convenience of instant payments while keeping your money safe.
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