Instant Payments Coming Soon to Your Credit Union Account

We are pleased to share some exciting updates for our members about electronic payments. Starting September 2025, Claddagh Credit Union members will be able to send instant payments directly from their credit union accounts using SEPA Instant.

What is SEPA Instant?

SEPA Instant is a fast, secure euro payment system that allows near real-time transfers, typically completing in under 10 seconds, within the Single Euro Payments Area. It operates 24 hours a day, seven days a week, all year round, ensuring money moves quickly whenever you need it.

Since January 2025, members have been able to receive instant payments, with balances updating immediately. From September 2025, the service will expand to include sending instant payments as well, giving you even more flexibility and convenience in managing your finances.

Verification of Payee (VoP)

To better protect members, a new feature called Verification of Payee (VoP) will be introduced alongside SEPA Instant. VoP helps confirm whether the name on the receiving account matches the details you have been given. It will indicate whether the match is exact, partial, or not found. This information allows you to make an informed decision about proceeding with the payment. This is an important security check and designed to identify attempts of fraud. Do not make a payment unless you are sure the request for payment is genuine.

What you need to do next?

There is nothing you need to do to prepare. We have updated our Framework Contract to reflect these upcoming changes. The revised contract takes effect in September 2025 and is available to view here.

If you have any further questions, please contact any of our branches.

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