01 July 2025
SEPA Instant
Instant Payments Update
SEPA Instant & Changes to Framework Contract
Crosshaven Carrigaline Credit Union (CCCU) is always working hard to improve its services for members. From September 2025 members will be able to send instant payments from their CCCU payment accounts. To facilitate this new service, we have updated the Payment Services Framework Contract that governs the provision of electronic payment services to members of BCU. A copy of this can be viewed here.
What are instant payments?
A SEPA Instant payment is a fast, euro-denominated bank transfer that is sent in the Single Euro Payments Area. An instant payment delivers funds to the recipient account within 10 seconds and is available 24/7/365. There are no new charges to use SEPA Instant Payments.
Since January members have been able to receive instant payments to their BCU payment accounts. A member’s balance is updated straight away when someone sends them an instant payment.
From September 2025, we will start to roll out the ability for members to send instant payments from their CCCU payment accounts. These payments will reach the receiving account within 10 seconds.
A detailed SEPA Instant Guide is available to view here.
What do CCCU members need to do now?
CCCU will let members know when instant payments become available through our online services, website & social media channels.
To get ready for these changes, we have updated our Payment Services Framework Contract, which covers the information required by Regulation 76 of the 2nd Payment Services Directive. The revised contract will apply from the 1st of September. To accept these changes, you don’t need to do anything, and you can continue to use your accounts and services.
If you do not want to accept the changes, you have the option, free of charge, to close your account and let us know you are ending your relationship with us. You can do this by writing to the office. If we do not hear from you before 1st September 2025, we will apply these changes.
New Safety Feature: Verification of Payee (VOP)
A new security step, called Verification of Payee (VOP), will be introduced by the 9th of October 2025 at the latest. 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 will help to ensure that your money is going to the right person or business.
