From Days to Seconds: The Impact of Instant Payments on your members
In today’s fast-paced world, speed and convenience are no longer luxuries—they’re expectations. Whether it’s shopping online, splitting a dinner bill, or paying for services, consumers demand transactions that are as swift as their lifestyle.
Enter Instant Payments, a game-changing innovation in the financial landscape. Unlike traditional payment methods that can take hours or even days to process, Instant Payments are completed within seconds, providing immediate confirmation and access to funds.
It’s no surprise that Instant Payments are becoming the new standard in financial transactions. In this blog, we’ll explore the impact Instant Payments have on your members.
What are Instant Payments?
Instant Payments are electronic money transfers that are completed and confirmed within seconds, allowing the recipient to access the funds almost immediately. Instant Payments providing a seamless and efficient experience for both the payer and the payee.
How do Instant Payments benefit your members?
Instantaneous Access and Availability
Instant payments allow your members to send and receive money within seconds, providing immediate access to funds without delays. Unlike traditional banking, which may be limited by business hours, instant payments are available 24/7, 7 days a week, including weekends and holidays.
Members receive instant confirmation of their transactions, allowing for better tracking and peace of mind. Also, with our development on the Mastercard enhancements, cuMobile will provide detailed records of transactions, making it easier for your members to monitor their spending and budgeting.
While we’re on the subject of cuMobile, your members are not limited to the app in order to benefit from Instant Payments. They can make Instant Payments through various channels, such as mobile app, online banking, and even in your physical Credit Union branch, providing flexibility in how they manage their finances.
Helping your members better manage their finances
Instant Payments can actually help your members better manage their finances. Your members can instantly transfer money between accounts or to others, making it easier to manage personal finances and avoid overdrafts or late fees.
Instant payments also help ensure that bills, loans, and other financial obligations are settled promptly, reducing the risk of missed payments or a negative credit scoring.
Providing your members with more choice
The main reason Revolut are so successful in Ireland is because they offer Instant Payments. With SEPA Instant Payments being mandated in Ireland for Credit Unions and banks, the public have more choice in where to manage their finances.
Credit Unions in Ireland have won the best customer experience award for 9 years running, as well as staying in the Top 10 most reputable companies since the survey started. Credit Unions have physical branches across all localities, and some are even further developing your physical presence by opening new branches, whilst the banks are closing theirs! All of this coupled with the technology and new services you can offer (e.g. deposit accounts, revolving credit, mortgages to name but a few) puts Credit Unions in a very strong place to win new members with their Instant Payment offering.
Conclusion
Instant Payments are mandated for 2025 in Ireland, and all financial institutions must offer Instant Payments in full by October 2025. By offering Instant Payments, it positions the Credit Union as modern and technologically savvy, giving members the option to fully manage their finances in an institution that is friendly, personable, ethical and digitally forward-thinking.
If you want to learn more about how Wellington IT are approaching SEPA Instant Payments, check out our blog