SEPA INSTANT

We are introducing a new service to allow you to send instant payments from your credit union account. With the introduction of Instant Payments Regulation in 2025, sending and receiving funds will be faster than ever.  SEPA Instant is a payments scheme that lets you send and receive euro payments in under 10 seconds 24/7, 365 days a year.

You will receive immediate confirmation on successful completion of the payment, giving you peace of mind that your payment has been delivered successfully.

There are no cut-off times for Instant payments made through online banking. Subject to internal controls and validations you can set up a payment on any day, at any time, and it will be processed instantly. However, cut-off times do apply to payments made in person.

SEPA covers all of the EU member states, together with Iceland, Liechtenstein, Norway, Switzerland, and Monaco

What’s changing?

• Instant Euro Transfers: Real-time payments across participating European banks.
• Always Available: No more waiting—payments available anytime, even outside business hours.
• Simple Access: Use your existing online banking or mobile app. Just choose “Instant Transfer” when sending euros. Or you can call into any of our office during opening hours.

FRAMEWORK CONTRACT

We are updating the framework contract that applies to your account in line with Regulation 76 of the Payment Services Regulations to reflect these changes.

Your framework contract is valid up to 31^st of August 2025 and the new Framework Contract is effective from 1^st September 2025.

You can review the updated Regulation 76 Information (Framework Contract) by clicking on the link below (PDF).

Abbeyfeale Credit Union Regulation 76 Framework Contract.

You do not need to take any action to accept these changes. By continuing to use your account and our services after the changes take effect, you will be considered to have accepted them.

VERIFICATION OF PAYEE (VoP)

Verification of Payee is a fraud-prevention service that checks whether the account name you enter when setting up a payment matches the name on the recipient’s (person you are sending to) bank account. This extra layer of security helps ensure that your money is going to the right person or business.

When is this happening?

Starting from 9^th October 2025, when you initiate a payment—whether online, through a mobile app, or in office—we will verify that the recipient’s name matches the account number (IBAN). This real-time check aims to reduce fraud and prevent misdirected payments.

ANTI-FRAUD SERVICE

We are also introducing a new service for all SEPA Instant payments made by you. This is an additional security feature to counter fraud particularly tackling account takeover fraud and identify theft.

The anti-fraud service monitors each SEPA Instant payment made from your account(s) with us and, based on your previous payment history and other factors determines if the payment is potentially suspicious or not. This extra layer of security is an additional safeguard, should your account details be compromised.

You can view our useful guide to SEPA INSTANT and Verification of Payee by clicking on the link below:

ACU SEPA Instant VOP User Guide