Real-time payments become a reality with Instant Payments

RBI went live with Instant Payments as one of the first 17 banks in Europe

Payments that are completed within 10 seconds and available 24/7/365, this is the new reality in the payments business. On the 21st of November 2017, the first pan-European Instant Payments solution went live and Raiffeisen Bank International AG was one of the pioneering banks. Instant Payments are based on the new SEPA Instant Credit Transfer scheme managed by the European Payments Council.

What is Instant Payment in a nutshell?

  •  A digital method of payment designed to be used from a computer or a mobile device
  •  A credit transfer which is completed in real-time within 10 seconds
  •  The initial maximum transaction amount is EUR 15.000,-
  •  The availability is 24/7/365
  •  The beneficiary has immediate access to the funds

Currently there is a limited number of participants, more banks will join the service of EBA Clearing in the coming months and the reachability will rapidly increase making the volume of payments gain momentum. The immediate or close-to-immediate availability of funds on the beneficiary's account offers banks an enticing opportunity to achieve the transaction speed customers expect as well as to increase the clients’ satisfaction. We are confident that Instant Payments have the potential to change the payment landscape and will become the new standard. It is only a question of time how fast the full transition to Instant Payments will happen.

RBI is acting as clearing bank for a large part of Raiffeisen Banking Group Austria. As a committed clearing and payments infrastructure provider, RBI will also offer indirect participation services. At the moment, all RBI client accounts are addressable for Instant Payments so that inbound transactions can already be settled. Corporate delivery channels will be provided in course of 2018.