SEPA instant payments is a payment scheme within the Single Euro Payments Area (SEPA) that allows for the real-time transfer of funds up to 100,000 Euros between bank accounts in participating countries.
“We are working to align our instant payments services with new EU regulatory standards, and it is a significant milestone that we can now offer this service to our customers, says Jessica Krumbholz, Head of Cash & Securities Services at SEB’s Luxembourg branch.
SEB’s team have worked closely with teams from Banque Internationale à Luxembourg (BIL), connectivity provider Luxhub, and transaction automation specialist valantic FSA.
Krumbholz believes the partners have set a new standard for instant payments in the Luxembourg market.
BIL, a systemic bank in Luxembourg, has played a crucial role in providing SEB with access to the instant payment market infrastructure as an indirect participant.