Instant payments need to be confirmed by the receiving bank within seconds. They also can arrive any time and any day, regardless of bank-holidays or working hours.

Instant payments are also irrevocable once sent.

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In the EU, many banks already offer instant payments. About 10% of all SEPA credit transfers are SEPA Instant Payments

Source: https://www.ecb.europa.eu/paym/integration/retail/instant_payments/html/index.en.html

Banks looking to provide instant payments are met with high technical challenges, as IPs require very high performance and 24/7/365 service uptime.

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With SIC5, SIX will enable instant payments within their network. At the same time, Processing of incoming IPs will become mandatory for SIC participants from August 2024.

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Avensic can help you evaluate your current payment landscape, scope the required changes and implement desired functionality.

• Analysis of current payment implementation landscape

• Analysis of solutions for providing instant payments

• Analysis of requirements for SIC5

• Solution design, Implementation and testing of required changes for the upgrade to SIC5

• Analysis of current payment infrastructure

• Supporting the upgrade to SIC5

• Evaluate potential solutions

• Implement desired funtionality