FAQ - Instant payments and VOP

Member Notice

From October 2025, Credit Unions, banks and payment service providers in Ireland and across the eurozone are rolling out SEPA Instant payments which allows consumers and businesses to make a euro payment to a payee within 10 seconds, 24 hours a day, any day of the year.

Alongside this, a new Verification of Payee service, known as VOP, will also be rolled out for all SEPA payments. VOP works by checking the payee’s name entered for a payment against the name associated with recipient’s account. This will help our Credit Union members ensure that their payments go to the right recipient.

These additional services are being introduced as part of the EU’s Instant Payments Regulation. Since January 2025, banks and payment service providers across the eurozone were required to receive SEPA Instant payments and from 9^th October 2025 will be required to offer the ability to send SEPA Instant payments.

Download the Full Member Notice if you have any questions on;

• What are SEPA Instant Payments?
• Which Credit Unions, banks and payment service providers will offer SEPA Instant payments and from when?
• How does Verification of Payee (VOP) work?