Bank of Valletta is pleased to announce that from Monday, 6th October, all payments made to any single euro payments area (SEPA) country by means of the Instant Outward Payments Service will be processed in seconds. Instant Payment Services have already been made available for inward payments to BOV since December 2024, and with the introduction of outward payments, BOV customers can now send faster and more flexible euro payments, any day, any time.
There are no additional charges for Instant Outward Payments Service, other than those already existent on regular SEPA Credit transfers. Customers may opt to carry out instant payments through the Bank’s mobile and internet banking platform. This is a very good opportunity for BOV customers to move away from issuing cheques, with charges cheaper than for issuing cheques, and faster availability of funds, now an added benefit.
Speaking on the new Instant Outward Payment services, BOV’s Head of eBanking Channels, Chris Degabriele said that “with over 36 countries forming part of SEPA, and payments delivered to the intended recipient in under 10 seconds, we are entering a new era of digital payments. Gone are the days when inter-bank transfers used to take up to 2-3 days to be cleared. In a fast-paced digital world, instant payments will undoubtedly change the way people pay others, whether in the same country or abroad. Furthermore, bank holidays, weekends, public holidays, and other timeframes when payments are not normally carried out are now a thing of the past, with the service available through online and mobile banking platforms 24 hours a day, seven days a week.”
All third-party SEPA payment services offered by Bank of Valletta, including SEPA Instant payments, will have an added layer through a Verification of Payee (VoP) service, which verifies the authenticity of the IBAN and Payee name. Customers will be provided with options to either proceed or terminate payments, depending on the verification result obtained. This aims to pause the payment and allow customers to reconfirm the details of the payment, avoiding mistakes and possible fraud. Furthermore, a transaction monitoring system with both pre- and post-transaction checks, enhanced by AI capabilities, ensures that transactions are continuously monitored. This adds an extra layer of protection against fraudulent payments without causing any delays in instant payment delivery.
Bank of Valletta has updated its General Terms and Conditions to reflect the changes in SEPA Instant Payments, effective from the introduction of Instant Outward payments. The full document can be downloaded from https://www.bov.com/terms-and-conditions and a document containing Frequently Asked Questions about the service is available at https://www.bov.com/sepa-instant-payments.
