Implementation of SEPA Instant Payments Regulation (IPR)

4 September, 2025

Subject: Implementation of SEPA Instant Payments Regulation (IPR)

Dear Member

We are writing to remind you of important regulatory changes under the SEPA Instant Payments Regulation (IPR), adopted by the European Parliament and Council on 13 March 2024. These changes are designed to modernise the European payments landscape and will significantly impact how financial institutions process euro-denominated credit transfers.

Key Regulatory Requirements

Effective from 9 January 2025, all payment service providers (PSPs) operating in the Euro area must be able to receive instant payments, with the ability to send instant payments required by 9th October 2025. These transfers must be processed within 10 seconds, 24/7, including weekends and outside of normal business hours. Ref SEPA Insta Pay Booklet at www.mallowcu.ie.

Additional obligations include:

Verification of Payee (VoP): Mandatory service to confirm the payee’s identity before initiating a transfer, reducing fraud risk.

Sanctions Screening: Daily checks to ensure compliance with EU financial sanctions.

Equality of Charges: Fees for instant payments must not exceed those for standard credit transfers where they are applied.

Our Commitment:

We are actively preparing for full compliance with the regulated deadlines and requirements. This includes:

  • Upgrading our payment infrastructure to support real-time
  • Implementing VoP services in line with Eurosystem
  • Enhancing our compliance workflows to meet daily screening

What This Means for You

These changes will enable faster, safer, and more transparent transactions across the EU and EEA. We will keep you informed of any updates and provide support throughout the transition and the effective date of 9th of Oct 2025.

Should you have any questions or require further clarification, please contact our Member Services Centre (MSC) at 022 21121 or email [email protected]. Information is also available by accessing the credit union website i.e. www.mallowcu.ie.

Thank you for your continued support.

Tomas O’Neill CEO

4th Aug 2025

Mallow Credit Union is regulated by the Central Bank of Ireland

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