This type of credit transfer can be performed either through an online banking platform or by using a smartphone app. Compared with a traditional credit transfer which is usually being processed at the beneficiary in the next bank working day, in the case of an instant credit transfer the amount is credited within ten seconds. The Instant Credit Transfer is available around the clock, seven days a week, 365 days a year.

As of 21 November 2017 banks will be able to offer instant payment services to their customers. However, the participation is optional.

SEPA Instant Credit Transfer important features:

• an alternative to cash payments;
• unitary solution for the SEPA area;
• is handled by using an online banking platform or a smartphone app;
• the amount is transferred to the beneficiary within 10 seconds;
• the standard maximum amount is EUR 100.000;
• for EURO transactions;
• no cut-off time, interbank clearing nearly in real-time;
• uses basically the same elements of a classic credit transfer, e.g. the IBAN and BIC.