All payments made to any single euro payments area (SEPA) country by means of the Instant Outward Payments Service will be processed in seconds as from today, Bank of Valletta announced.

Instant Payment Services have already been made available for inward payments to BOV since December 2024, and with the introduction of outward payments, BOV customers can now send faster and more flexible euro payments, any day, any time.

The Bank advised that there are no additional charges for Instant Outward Payments Service, other than those already existent on regular SEPA Credit transfers. Customers may opt to carry out instant payments through the Bank’s mobile and internet banking platform.

It added that “this is a very good opportunity for BOV customers to move away from issuing cheques, with charges cheaper than for issuing cheques, and faster availability of funds, now an added benefit.”

Speaking on the new Instant Outward Payment services, BOV’s Head of eBanking Channels, Chris Degabriele said that “gone are the days when inter-bank transfers used to take up to 2-3 days to be cleared. In a fast-paced digital world, instant payments will undoubtedly change the way people pay others, whether in the same country or abroad. Furthermore, bank holidays, weekends, public holidays, and other timeframes when payments are not normally carried out are now a thing of the past, with the service available through online and mobile banking platforms 24 hours a day, seven days a week.”

Bank of Valletta said that it has updated its General Terms and Conditions to reflect the changes in SEPA Instant Payments, effective from the introduction of Instant Outward payments.

The full document can be downloaded from https://www.bov.com/terms-and-conditions and a document containing Frequently Asked Questions about the service is available at https://www.bov.com/sepa-instant-payments.

Photo: BOV

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