Ireland accounts: start sending SEPA Instant Credit Transfers from 31 March 2020

Last updated: 9 March 2020

In support of the Single Euro Payments Area (SEPA) Instant Credit Transfer payment scheme, we’re updating HSBCnet to support real-time payments for your Irish accounts.

What is SEPA Instant Credit Transfer? *

SEPA Instant Credit Transfer (SCT Inst) is the European Payments Council’s latest payment scheme. SCT Inst transactions are:

processed within 10 seconds
available 24 hours a day, 7 days a week, 365 days a year
sent from participating banks for payments valued at EUR 15,000 equivalent or less

Since they’re processed immediately, 24/7/365, SCT Inst transactions are final and irrevocable.

What does this mean for me?

As of 27 February, your accounts held with HSBC Ireland are now able to receive SEPA Instant payments from any of the 2000+ participating banks in the SEPA zone. When you’re sent a SEPA Instant payment, your account will be credited within 10 seconds and you’ll have the option to access those funds in nearly real time.

From 31 March, you’ll be able to start sending SEPA Instant payments from your HSBC Ireland accounts.

SEPA payments on-screen in HSBCnet:
When you create a SEPA Payment instruction from a EUR currency account, you can choose to send as an instant payment by selecting the ‘Send instantly with immediate confirmation’ radio button.

(select image to enlarge)

In the Transactions section, use the radio button to select the single beneficiary to receive the SEPA Instant Payment. Note that you won’t be able to make batched transactions (i.e. single debit, multiple credits) using your templates.

Reminder: when you create or update a restricted template, you will need to have another user approve the changes in the Authorisation Summary service before the template can be used to make payments.

Payments submitted via File Upload:
You’ll also be able to send SCT Inst payments using HSBCnet’s File Upload service. Your payment files must include the necessary SCT Inst Identification tag details. Please note that SCT Inst payments are not eligible for batched transactions. For details on creating SCT Inst payment files, please contact your HSBC Client Integration manager.

Statement narratives for SEPA Instant payments will have the same format as your other incoming SEPA payments.

As a reminder, you can already send and receive SEPA Instant payments for your French and Dutch accounts on HSBCnet.

What’s next?

We’ll continue to roll out SCT Inst transactions to other SEPA countries throughout 2020.

Find out more

For further assistance regarding SEPA Instant payments, please contact your local HSBCnet Support Centre.

*Additional fees may apply. Please refer to terms and charges or contact your HSBC Representative.