Important Member Notice: Update to our Framework Contract - Instant Payments
Good news! Soon you will be able to send instant payments from your account.
We are updating our Framework Contract to reflect the upcoming launch of SEPA Instant, a new payment feature that allows you to send and receive euro payments in under 10 seconds, available 24/7 across participating European banks
What are instant payments?
Since January 2025, you have been able to receive instant payments to your account. This means your balance is updated straight away when someone sends you an instant payment.
From early September 2025, we’ll start to roll out the ability to send instant payments from your account.
These payments will reach the receiving account within 10 seconds. We will let you know when these become available through our online services and on our website.
How will payments I make be different from what I see today?
We’re introducing a new check called “Verification of Payee” from early October 2025 for existing SEPA payments and new instant payments. This is to help you protect your money. Verification of Payee will check the name of the account you’re paying with the receiving bank or credit union to see if it matches the name you gave us. You can then decide if you still want to go ahead with the payment.
What do I need to do now?
To get ready for these changes, we’re updating our terms and conditions on 1st September 2025. To view the SEPA Instant Payments and an updated Regulation 76 Framework which sets out the proposed Terms and Conditions for your account, view the PDF document HERE.
To accept these changes, you don’t need to do anything, and you can continue to use your accounts and services.
If you do not want to accept the changes you must let us know in writing in advance of 29th August 2025. You can then close your account before the changes take effect.
If you have any queries, please email us at happytohelp@sarsfieldcu.ie
Yours sincerely,
David Costelloe, MMII GRAD, QFA
Chief Executive Officer.
30.6.25
*This document relates to the Credit Union’s provision of payment services
