With the introduction of Instant Payments Regulation in 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.

What’s changing?

• Instant Euro Transfers: Real-time payments across participating European banks.
• Always Available: No more waiting-payments available anytime, even outside business hours.
• Simple Access: Use your existing Sarsfield Credit Union online banking or Sarsfield Credit Union mobile app. Just choose "Instant Transfer" when sending euros. Or you can go into the Credit Union office during opening hours.

What stays the same?

• Your account number and login details remain the same.
• Your existing payment options will not change.
• Our commitment to a secure, reliable service.

Limits of SEPA Instant Payments

SEPA Instant offers fast, convenient euro transfers within the Single European Payments Area (SEPA Zone), but there are some important limitations to be aware of:

1. ²PSP Participation Required: Both the sending and receiving institutions must support SEPA Instant. If the recipient’s bank does not participate, the payment may be declined or processed as a regular SEPA Credit Transfer instead.
2. Euro Currency Only: SEPA Instant is available only for euro-denominated (€) transactions. Both accounts must be in the SEPA zone and able to send or receive euros.

1 SEPA covers all of the EU member states, together with Iceland, Liechtenstein, Norway, Switzerland and Monaco
2 PSP - Payment Service Provider e.g. Credit Union, Bank.
3. Amount Limit - You will be able to set a limit for instant payments. This limit cannot be more than the overall Credit Union limit that applies to all your payments across all channels. The Credit Union has applied a daily limit of €2,500 for online transactions (this limit is subject to change based on internal policies, risk controls, or your account type).
4. Geographic Restrictions - This service is limited to countries in the SEPA zone, which includes all EU member states, together with Iceland, Liechtenstein, Norway, Switzerland and Monaco.
5. Availability May Vary - SEPA Instant is designed to operate 24/7, 365 days a year, including weekends and holidays. However, some PSP’s may perform maintenance or impose temporary service interruptions. In rare cases, national regulations may affect availability.

Can SEPA Instant payments be recalled?

SEPA Instant payments cannot be automatically recalled. The SEPA Instant payment is processed in under 10 seconds, and once the funds are transferred, they are immediately credited and available in the recipient’s account.

When can a SEPA Instant recall happen?

A recall may be requested (but not guaranteed) in these situations:

1. Fraud - If the payment was made as a result of fraud or deception.
2. Technical error - If there was a duplicate payment or an obvious mistake (e.g., wrong IBAN).
3. With the recipient’s consent - The receiving bank may contact the recipient to return the funds voluntarily.

How to handle a mistaken SEPA Instant payment

• Contact the Credit Union immediately (on 061 317910 or by email to onlinebanking@sarsfieldcu.ie ) to discuss the situation. They may attempt a recall request or reach out to the recipient bank.
• Be aware that recall success depends on the recipient - especially if the funds are already withdrawn or the account is closed

SEPA Instant vs. Standard SEPA Transfers

Temporary interruptions in service are possible, during which it may not be possible to make an instant payment from your account. You will be offered the option of making the payment via standard SEPA Credit transfer as an alternative option.

Terms & Conditions

We have updated 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.

The Credit Union framework contract can be viewed on our Credit Union website: https://www.sarsfieldcu.ie/frameworkcontract
These updates will take effect from 1st September and include details on the use of SEPA Instant transfers, such as:

• There is no additional payment charge to use SEPA Instant.
  • You cannot send SEPA Instant payments to or from some credit card accounts, mortgages, and certain deposit accounts.
  • However, you can still send and receive money using the existing payment options for these accounts.We will notify you when an outgoing SEPA Instant Credit Transfer has been processed, indicating whether or not it was successful. If we do not receive confirmation within 10 seconds that the payment was received, we will restore your account to the state it would have been in had the transaction not taken place.

How to Accept the Changes:

The new Framework Contract is effective from 1st September 2025.
You do not need to take any action to accept these changes. By continuing to use your account and our services after the changes take effect, you will be considered to have accepted them.