Instant Payments and New Verification System to Roll Out Across Irish Banks
Dublin: A major shift in how money moves across Ireland and the eurozone is underway, as instant payments and Verification of Payee (VOP) services are being introduced for all banks and credit unions. The SEPA Instant Payments system, part of the EU’s new Instant Payments Regulation, is now available in Ireland and will be fully operational across Europe by January.
According to Gillian Byrne, Head of Payments at the Banking and Payments Federation Ireland (BPFI), this development marks “a significant step forward in providing consumers and businesses with fast, reliable, and secure payment services.”
Under the new system, both personal and business customers will be able to send and receive payments within 10 seconds, with confirmation of payment available 24 hours a day, seven days a week.
From January, all banks and payment service providers in the eurozone will be required to support SEPA Instant Payments, enabling seamless money transfers across participating European countries. Irish customers will be able to send SEPA payments from October 9, ahead of the wider rollout.
Enhanced Security with Verification of Payee
Alongside instant transfers, the Verification of Payee (VOP) system will introduce an extra layer of protection. VOP automatically checks whether the name of the intended recipient matches the name registered on the recipient’s account.
If the names do not match, customers will receive an instant notification, allowing them to decide whether to:
- Proceed with the payment,
- Correct the details and retry, or
- Cancel the transaction altogether.
The system applies to both standard and instant SEPA payments and is designed to reduce the risk of fraud and mistaken transfers.
Banks are urging customers to review and update existing payee details to ensure that names match the official account records, preventing transaction delays or rejections once VOP checks are fully enforced.
Public Awareness Campaign
To prepare customers for the transition, the BPFI has launched a nationwide information campaign and a dedicated website explaining the new payment procedures.
Research commissioned by BPFI found that 74% of Irish consumers worry about transferring money to the wrong account, and one in five older people have either sent money in error or fallen victim to scams.
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