We’ve all been there: waiting for a bank transfer to arrive in the recipient’s account – it often takes a bank working day or even longer. That’ll soon be a thing of the past. The latest edition of “Let’s talk about money” (Reden wir über Geld), the Austrian Financial Market Authority’s (FMA) information series for consumers, is dedicated to the topic of instant credit transfers, also known as instant payments.
Instant payments make it possible to transfer money from one account to another around the clock, 365 days a year, within 10 seconds. While classic SEPA credit transfers frequently take up to one banking day, instant payments are available at any time – even during the evening, at the weekend or on public holidays.
The European Parliament has decided that instant payments in Euro are compulsory throughout the entire European Economic Area (EEA) from 2025. From January 2025, all banks must be able to receive instant payments, and also to send them from October 2025. This obligation will be gradually extended to payments in other EU currencies from 2027.
Consumers profit from quicker and more secure payments without additional charges. A new feature from October 2025 will be the automatic payee-IBAN check, which will ensure that payees and account numbers match for every instant payment – an effective means to present failed transfers.
The FMA recommends informing yourself in advance through your bank about the new possibilities and the settings in your online banking. Instant payments will make cashless payments more modern, quicker and more transparent – welcome to the future of payments!
The new edition of “Let’s talk about money” on “Transfers in a flash” can be found under the following link: https://redenwiruebergeld.fma.gv.at/en/transfers-in-a-flash/ Follow “Reden wir über Geld” on Instagram too at @redenwiruebergeld or www.instagram.com/redenwiruebergeld.
Journalists may address further enquiries to:
Alexander Plank-Bachselten (FMA Public Relations)
Telephone: +43/(1)249/59-6007
Mobile: +43 676 88 249 518
E-Mail: [email protected]