SEPA Instant And VoP
SEPA Instant Payments
Send and receive euro transfers in just 10 seconds — anytime, anywhere. Available 24/7, including weekends and bank holidays, with instant confirmation to give you peace of mind.
Introduction
From the 9th of October 2025, Synergy Credit Union will introduce SEPA Instant Payments, alongside banks and payment providers across Ireland and the eurozone. This service allows members to send and receive euro transfers in under 10 seconds, 24/7, 365 days a year, including weekends and bank holidays.
There’s no need to download extra apps — SEPA Instant will be available through your existing online or mobile banking. You’ll receive immediate confirmation once the payment is complete, giving you peace of mind that your money has arrived safely.
There are no cut-off times for SEPA Instant Payments made online. Subject to internal checks, payments can be set up at any time and processed instantly. (Please note: cut-off times still apply to in-person payments.)
A new Verification of Payee (VOP) service will also launch, checking the payee’s name against the recipient’s account to help ensure payments go to the correct person.
These changes are part of the EU’s Instant Payments Regulation. Since January 2025, financial institutions have been required to receive SEPA Instant payments. From 9th October 2025, they must also offer the ability to send them.
For more information, please see the shortened version of FAQs below.
You can find the full long version of FAQ for Instant payments and VOP HERE.
Frequently Asked Questions on Instant Payments
They are euro transfers credited to the recipient within 10 seconds, available 24/7/365, including weekends and bank holidays, with confirmation to the payer within approximately 10 seconds.
| Feature | Standard SEPA | SEPA Instant |
|---|---|---|
| Speed | 1–2 business days | ~10 seconds |
| Availability | Business days / hours vary | 24/7/365 |
| Notification | Not normally provided | Real-time confirmation to payer |
Note: short planned outages may occur; you’ll be notified in advance.
All euro-area Credit Unions/banks/payment service providers must receive SEPA Instant from Jan 2025 and send from 9 Oct 2025. EU/EEA non-euro PSPs: receive by Jan 2027, send by Jul 2027. Non-EU SEPA countries (e.g. UK, Switzerland) may adopt voluntarily.
Fees for sending and receiving SEPA Instant payments are the same as you currently pay for standard SEPA payments.
Registration is not required. The ability to send and receive individual SEPA Instant payments is available automatically through your usual channels, including mobile apps, online banking, and branch services.
When transferring between accounts, SEPA Instant processes payments in real time, making funds available almost immediately — ideal for urgent transactions. You’ll receive confirmation within 10 seconds, and fees are the same as standard SEPA payments.
From all accounts where you can transfer funds in the credit union. e.g. your share and current accounts
Yes — you can set Instant limits within your Credit Union’s overall payment limits.
You can reach out to the member service team. Call in, Email info@synergycu.ie or Phone 0818 272927
FAQ - Verification of Payee (VoP)
VOP is a name-check that compares the payee name you enter with the name on the recipient’s account. It adds an extra layer of protection against misdirected payments and fraud. VOP will be mandatory for all euro payments (Standard SEPA and SEPA Instant) in the eurozone from 9 October 2025.
VoP is a name-check that compares the payee name you enter with the name on the recipient’s account. It adds an extra layer of protection against mis-directed payments and certain frauds. VoP is mandatory for euro payments in the eurozone from 9 October 2025 (applies to both Standard SEPA and SEPA Instant).
The VOP check will apply when you:
- Make a standard SEPA payment or a SEPA Instant payment
- It may also apply when you add a new payee or update an existing one in your app or online banking
The feature will start rolling out from early October and will be in place by 9th of October 2025.
All standard SEPA and SEPA Instant payments (all channels). Standing Orders are checked when first set up; in-branch paper payments are checked at processing time. Some payee account types may not support a VoP result.
Some of the payments that will not be checked include:
- Payments in other currencies
- Card payments
- Direct debits
- Paper payments where the member is not present e. received by post
- Match: Name and IBAN match — you can proceed or cancel.
- No match: Names don’t match — check details; you can proceed, amend or cancel.
- Close/partial match: Similar name — we show the correct name; you can proceed, amend or cancel.
- Service unavailable: We can’t confirm — verify details and retry later if needed.
You remain in control and decide whether to proceed.
No. VoP will not automatically stop a payment; it provides guidance so you can decide. We advise verifying details with the payee before proceeding if you see “no match” or “service unavailable”.
- Greater confidence your money reaches the intended payee
- Reduced risk of errors/misdirected payments
- Fewer rejects/returns thanks to more accurate details
VoP checks are automatic and cannot be opted out of (part of the EU Instant Payments Regulation).
- Enter the payee’s full name (first & last) exactly as registered.
- If you get a close/no match, verify the name/IBAN with the payee via a trusted channel.
- Keep saved payees up to date. As a payee, share your registered full name.
Your name is shown only when the sender entered a slightly different/incorrect name (a “close match”). Otherwise, it isn’t disclosed.
Enter the full name of one account holder. For businesses or legal entities, use the official registered name.
Your name is only shown if the sender enters a slightly different or incorrect name (a close match). Otherwise, it’s not disclosed.
If the IBAN belongs to someone else, the VOP check may still return a match or close match. Always verify payment details with the recipient using a trusted method.
Check that your account name matches how you usually share it (e.g. include middle names if you use them) to avoid issues receiving payments.
Yes. SEPA Instant and VOP apply equally to Irish and cross-border euro payments. EU countries outside the euro (e.g. Poland) will adopt these in 2027. Other SEPA countries (e.g. UK, Switzerland) may follow later.
No. Verification of Payee is free for all customers.
No. VOP adds a security step but doesn’t affect processing time once you approve the payment.
Contact Synergy Credit Union’s customer support team by phone or in branch. For up-to-date details and service hours, visit our website.
Be Fraud Aware Always
Remember to be cautious when making any payment. It is extremely important to check the information that you are inputting with your payee to ensure the details are accurate. Only proceed with the payment if you are confident that the payee and payee account are legitimate, and that the request for payment is genuine. This is especially important where the VOP check alerts you that the payee details are not a match as the payment may be sent to someone other than the intended payee.
Whilst VOP adds an additional layer of security, unfortunately fraud and scams are becoming increasingly sophisticated, and fraudsters can be very skilled at gaining our trust.
Visit FraudSMART.ie for more information and tips on how to protect yourself from fraud and scams.
