Instant Payments and Verification of Payee

Starting this week, banks and payment service providers in Ireland and across the eurozone are rolling out SEPA Instant payments which allows consumers and businesses to make a euro payment to a payee within 10 seconds, 24 hours a day, any day of the year.

Alongside this, a new Verification of Payee service, known as VoP, will also be rolled out for all SEPA payments. VoP works by checking the payee name entered for a payment against the name associated with recipient’s account. This will help customers ensure that their payments are going to the right recipient.

These additional services are being introduced as part of the EU’s Instant Payments Regulation. Since January 2025, banks and payment service providers across the eurozone were required to receive SEPA Instant payments and from 9th October 2025 will be required to offer their customers the ability to send SEPA Instant payments.

For further information about the Instant Payments and the new Verification of Payee, please visit the Banking & Payments Federation of Ireland campaign website which features FAQs & provider links at the following website: www.PayRightNow.ie