AIB has announced that its customers will be able to receive instant payments starting January 9, 2025.
The bank is on track to meet new EU regulations that require faster payment processing across member states. This change will enable customers to receive money in their accounts within 10 seconds of a payment being initiated, even at weekends, and on bank holidays.
The bank recently informed its customers of these upcoming changes through written communication.
The move aligns with the requirements of the Single European Payments Area (SEPA) instant payment system, aimed at making transactions across Europe quicker and more efficient.
Starting in January, payment service providers within the EU, including AIB, must be ready to process incoming payments in less than 10 seconds. This will bring significant improvements to the speed of financial transactions, reducing waiting times for account holders who need fast access to transferred funds.
AIB has also noted that customers will have the ability to send instant SEPA payments later in 2025. While the focus for January is on receiving instant payments, the capability to send such payments will follow, with more information about the feature to be provided closer to its release date.
Under the new regulations, all EU payment services must be able to facilitate the sending of instant payments by October 2025.