SEPA Instant Payments

Faster, more secure payments

Phoenix Credit Union members now benefit from two new services designed to make payments faster and more secure.

SEPA Instant Payments

SEPA Instant Payments allow you to send euro payments to recipients within 10 seconds, 24 hours a day, 365 days a year. Whether you are paying a friend, a business, or transferring between accounts, your money will arrive almost instantly.

This service is part of the EU’s Instant Payments Regulation, which ensures that all banks and payment service providers across the eurozone can both receive and send SEPA Instant payments.

Verification of Payee (VOP)

VOP adds an extra layer of security to your payments. When you enter a payee’s name, the system checks it against the name registered to the recipient’s account. This helps ensure your payment goes to the correct person or business, reducing the risk of fraud or misdirected payments.

For further details, visit the BPFI Pay Right Now website, where you will find helpful resources.