Instant payment
A credit transfer executed within seconds, at any time of day, every day of the year.
An instant payment is a credit transfer executed immediately, at any time of day and on every day of the year, with the funds available to the payee within seconds. In the euro area, the EU Instant Payments Regulation requires payment service providers that offer standard euro credit transfers to offer instant ones as well, together with a service that verifies the payee before the payer authorises. Instant settlement suits agents that need to act quickly, but it also means a mistaken or fraudulent payment leaves the account at once.
Agent Minute explains this term on 1 January 2027.
Related terms
Credit transferA payment pushed from the payer's account to the payee's account on the payer's instruction.Settlement finalityThe point at which a transfer becomes irrevocable and unconditional, so it cannot be unwound.APP fraud reimbursementUK rules requiring payment firms to reimburse victims of authorised push payment scams, within set conditions.Payment initiation serviceA service that initiates a payment order at the user's request from an account held at another provider.