10 October 2025
SEPA Instant payments
With the introduction of Instant Payments Regulation on 9th October 2025, sending and receiving funds will be faster than ever. SEPA Instant — is a payments scheme that lets you send and receive euro payments in under 10 seconds 24/7, 365 days a year.
There will be no need to install extra apps, as the additional functionality will be available in your online or mobile banking access to allow you to send and receive euro payments across the Single European Payments Area 1(SEPA Zone) in under 10 seconds. You can send and receive payments instantly at any time including weekends.
You will receive immediate confirmation on successful completion of the payment, giving you peace of mind that your payment has been delivered successfully. SEPA Instant makes managing your money faster, easier, and more convenient than ever.
There are no cut-off times for Instant payments made through online banking. Subject to internal controls and validations you can set up a payment on any day, at any time, and it will be processed instantly.
However, cut-off times do apply to payments made in person at your Credit Union.
VERIFICATION OF PAYEE (VoP)
We are introducing a new security feature called Verification of Payee (VoP) part of our ongoing efforts to protect you from fraud and give you greater confidence when making payments.
What is Verification of Payee?
Verification of Payee is a fraud-prevention service that checks whether the account name you enter when setting up a payment matches the name on
the recipient’s (person you are sending to) bank account. This extra layer of security helps ensure that your money is going to the right person or business.
When is this happening?
Starting from 8th October 2025, when you initiate a payment—whether online, through a mobile app, or in office—your Credit Union will verify that the recipient's name matches the account number (IBAN). This real-time check aims to reduce fraud and prevent misdirected payments.
How It Works:
When you set up a payment:
1. You enter the recipient’s name, IBAN/account number, and bank details.
2. The system checks whether the name matches the account at the receiving bank.
3. You get one of three possible results:
o ✅ Match – The name and account number match.
o ⚠️ Close Match – The name is similar; you are advised to double-check.
o ❌ No Match – The name does not match the account; you are warned before proceeding.
Benefits:
· Helps prevent fraud (e.g. invoice redirection scams)
· Reduces misdirected payments due to typos
· Gives you greater confidence before sending money
We advise that Members check your payee names set up on your Online banking
- To check your payees go to Manage payees on our Online Banking portal on our website https://inishowencu.ie/.
- Do the names match the exact names on their bank accounts?
- If you saved a payee as “Dad” but the actual name on their bank account is “John Doe”, when VOP launches in October, VOP will say “Payee name does not match” when you go to pay them.
- If you saved a payee as “Plumber” but the actual name on their bank account is “J Smith T/A J Plumber”, when VOP launches in October, VOP will say “Payee name does not match” when you go to pay them.
- Ask your payees for the name shown on their account.
- When you add a new external account, make sure that you use this exact name.
- If you need to update a payee name, you’ll need to delete the payee and then add the payee again.
- Delete the existing payee using the ‘ ‘Manage payees’ options. Choose the payee you want to delete. Then tap Red X.
- Add the payee again, using their existing IBAN details with the updated name, using the ‘Payments’ and ‘Manage payees’ options.
- Tap ‘Add New External Account’ and enter the exact payee details. · You can also complete this in any of our Branches.
Useful documents and links
2.Sepa Instant Payments and VOP Information
3. Further information Banking Payments Federation Ireland https://bpfi.ie/payrightnow/
4. You tube Video on Sepa Instant BPFI PayRightNow
