Instant payment is a system of real-time payment in the SEPA region. It is a process in which the money transfer from one account to another is done in real time and the payment recipient has the money immediately after completion of the transaction. There is a binding debit from the account of the person making the transfer and a credit to the recipient’s account. The payment information for the participating parties can be viewed directly. For this, the payments do not necessarily have to be booked to the account. A recall of the payment is not possible with instant payment. The booking of the figures provided depends on the bank’s working hours. The payment system is available around the clock. valantic offers its own instant payment solution for finance companies – ask us about it.
In German retail, the usage of cards instead of cash money has not only increased due to the Corona crisis – cash as most important payment method has generally been replaced. Meanwhile, instant payments and real-time transfers are replacing the three-day model for payment transactions.