Instant payments enable modern cashless transfers in real time. They are based on the new generation of central payment infrastructures, which are operated by specialist financial service providers on behalf of national institutions.

What is special about this is that money is transferred in less than ten seconds – around the clock, 365 days a year. Once the payment is completed, the amount is immediately available.

Sometimes, every second counts

For clients – especially for companies – this creates real added value. Payments can be processed in a matter of seconds. This is especially crucial in online retail or for time-critical transactions.

Your benefits at a glance

The benefits are manifold – for both private individuals and companies.

• Speed: Transfers are processed in real time, even on weekends and public holidays. Long waiting times are eliminated; you can access your money immediately.
• Security: The simultaneous debit and credit minimises the credit risk for both parties.
• Transparency: The paying party and the recipient can immediately view their updated account balance, which provides clarity.
• Predictability: Companies can manage their liquidity and cash flow more efficiently.
• Automation: The immediate availability of funds supports automated processes – such as in invoice processing or e-commerce.

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.

Verification of Payee (VoP)

VoP is a payment transaction security mechanism that ensures the name of the payee matches the account holder provided. The aim is to prevent erroneous transfers and attempted fraud. At Liechtensteinische Landesbank (LLB), VoP is used in e-banking for instant payments, particularly when entering new payees. This provides clients with additional security when executing instant payments. The function helps to further strengthen trust in digital banking services.