What are SEPA Instant Payments?
SEPA Instant allows for immediate euro transfers between participating banks in the Single Euro Payments Area.
Imagine waking up, ready to tackle the day. As you plan your activities, you consider how to barter livestock, grains, and vegetables for other essential goods – that's precisely how payments were made before the invention of money. Today, most Europeans enjoy the convenience of purchasing goods and services with just a few clicks or taps on their smartphones.Long before mobile payments and digital banking simplified our lives, however, there was the Single Euro Payments Area (SEPA). The SEPA was established by the European Union in 2008 as a regulatory framework aimed at unifying and streamlining payments across Europe. Nevertheless, B2B transactions faced some delays due to compatibility issues resulting in higher fees and complex settlement infrastructures.To address these challenges head-on, the European Payments Council (EPC) launched SEPA Instant in 2017 – an innovative payment service designed to reduce costs while simplifying B2B transactions throughout Europe. Let's explore this revolutionary transformation in European payments and transfers.
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SEPA Countries
The full list of the 36 SEPA countries:
EU countries of SEPA
- Austria
- Belgium
- Bulgaria
- Croatia
- Cyprus
- Czech Republic
- Denmark
- Estonia
- Finland
EU countries of SEPA
- France
- Germany
- Greece
- Hungary
- Ireland
- Italy
- Latvia
- Lithuania
- Luxembourg
EU countries of SEPA
- Malta
- Netherlands
- Poland
- Portugal
- Romania
- Slovakia
- Slovenia
- Spain
- Sweden
EEA countries (non EU)
- Iceland
- Liechtenstein
- Norway
Non-EU/EEA SEPA Countries
- Andorra
- Monaco
- San Marino
- Switzerland
- United Kingdom
- Vatican City State
Non-EU/EEA territories
- Saint-Pierre-et-Miquelon
- Guernsey
- Guadeloupe
- Jersey
- Isle of Man
- Mayotte
- Martinique
- Réunion
- Saint Martin
- Saint Barthelemy
What is SEPA Instant?
SEPA Instant Credit Transfer is a cutting-edge payment system enabling customers to send and receive payments in real-time. The European Payments Council (EPC), an organization committed to fostering the growth of Euro payments across Europe, developed this innovative scheme.The primary objective behind SEPA Instant was to establish a more efficient and secure method for businesses to transfer funds between countries within the EU. This would eliminate delays, minimize costs, and streamline cross-border transactions.To achieve this goal, banks needed direct connections with one another through an interoperable system called ISO 20022 – a messaging standard employed for exchanging financial data. This infrastructure allows banks to process payments rapidly without relying on intermediaries such as card networks. But how does it stand up against traditional SEPA payments and other payment schemes?Top 5 Reasons SEPA Instant Beats Previous Payment Methods
The SEPA Instant payment system offers numerous benefits, making it an appealing option for individuals and businesses seeking to optimize their payment processes.
Speed With lightning-fast transfers, SEPA Instant delivers funds within a remarkable 10 seconds or less.
Lower cost Banks experience reduced costs when processing transactions via SEPA Instant, resulting in lower fees for customers.
Security Robust authentication and encryption methods secure transactions, providing an additional layer of protection against fraud and cyber threats.
Simplicity Utilizing a standardized messaging system enables banks to process payments swiftly and effortlessly without navigating multiple intermediaries like card networks or Automated Clearing Houses (ACHs).
Interoperability Compatible with various currencies, SEPA Instant allows customers to make payments across the 19 Euro countries seamlessly without fretting about exchange rates. With 9,681 startups joining the fintech industry in the EMEA (Europe, the Middle East, and Africa) region in 2023 alone, there's no doubt that the use of SEPA Instant will continue to grow in popularity.
Enjoy SEPA Instant, IBAN Accounts, and More with Narvi Payments
Tired of the delays and high costs associated with traditional payment methods? Enjoy faster, more secure payments with Narvi Payments. Our integrated payment platform supports SEPA Instant, euro IBAN accounts connected to SEPA, and other innovative solutions to help you make international transfers quickly and easily. With an EMI like Narvi Payments, you can enjoy the benefits of a streamlined payment process without sacrificing security or convenience. Sign up on Narvi today to start making business payments with SEPA Instant.
Published April 17, 2024. Updated January 23, 2025.Author
This publication is provided for general information purposes and does not constitute legal, tax, or other professional advice from Narvi Payments Oy Ab or its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
- Neil Ambikar, Co-Founder and CFO at Narvi Payments.
This publication is provided for general information purposes and does not constitute legal, tax, or other professional advice from Narvi Payments Oy Ab or its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
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