When every second counts

Instant payments are revolutionising payment transactions across the EU, making it possible to transfer money in seconds. This technology ensures that payments are processed in real time, regardless of bank working days or conventional processing times. The introduction of real-time transfers is part of the drive to make payments faster, more efficient and cost-effective throughout the EU.

LLB clients have been able to receive instant payments since 08 January 2025.

It will become possible to send payments in EUR in the second half of 2025. Many Austrian banks now offer instant payments as a standard option or in addition to classic transfers, enabling transactions in a matter of seconds no matter the time of day.

How it works – and the benefits

With real-time transfers, payments can be made at any time, even on weekends and public holidays. In a matter of seconds, the user can see the amount transferred – directly and irrevocably – from the account of the party making the payment to the account of the party receiving the payment. This means that the waiting time for conventional bank transfers is eliminated entirely.

Another advantage is the high level of transparency and security. Both the sender and the recipient receive confirmation of the transaction immediately. This makes real-time transfers particularly useful for urgent payments, such as in stores or for urgent invoices.

Real-time transfers are suitable for a wide range of applications: from international trade and payments to service providers to e-commerce transactions where speed is critical.

Real-time transfers are also extremely practical for personal use, such as rapidly sending funds to friends or family members. New areas of application could also be expanded further in the future, such as integration into digital payment methods and mobile apps.

SEPA Instant Credit Transfer (SCT Inst)

In the EU, real-time transfers are processed via the SEPA Instant Credit Transfer System (SCT Inst). This is supported by the European Central Bank and the European banking landscape. SEPA (Single Euro Payments Area) is the single payment area, which includes countries such as Iceland, Norway and Liechtenstein in addition to the EU.

In the context of SEPA instant payments, all participating banks and financial institutions are required to provide real-time technical support for payments. As a result, the number of participating banks is constantly increasing and with it the spread of real-time transfers in European payment transactions.