Swedbank launches instant payments in online bank on Monday ({{contentCtrl.commentsTotal}})

Headquarters of Swedbank's Estonian branch in Tallinn.
Headquarters of Swedbank's Estonian branch in Tallinn. Source: Priit Mürk/ERR

From Monday Swedbank's private and corporate customers can now transfer money by using instant payments online.

"Instant payment was introduced for the first time with the pilot version of Swedbank 2019 mobile app, which was launched last autumn. Although the number of mobile bank users is rising, we want to offer the instant payment possibility to customers who use the internet bank as well. Customers can initiate instant payments by logging into their internet bank account and choosing the new payment form in the everyday banking menu," head of Swedbank's private banking Tarmo Ulla said.

In the first phase, the new form of payment can be used to make in-bank and domestic payments. "In the future, cross-border instant payments will be supported as well. We are gradually upgrading all forms of payment to a new solution that allows you to initiate instant payments," Ulla added.

Payments up to 15,000 euros in instant payments reach the recipient in a few seconds and can be made to all local banks that offer the opportunity of receiving them. Swedbank customers can make instant payments within Swedbank itself, Coop Pank, LHV and SEB. For outgoing instant payments there are no additional fees, the same as for ordinary domestic payments done in euros.

Swedbank customers are already able to receive instant payments from other European banks that have joined SEPA Instant Credit Transfer scheme. The existence of instant payment opportunity can be checked on the EBA Clearing website. Incoming instant payments, as well as other SEPA payments in euro, are not charged extra.

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Editor: Helen Wright

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