On Monday (today), HSBC Bank Malta CEO Geoffrey Fichte highlighted a significant step forward for the bank as HSBC becomes fully prepared to receive SEPA instant payments.
“We are proud to be leading this transition. By completing our system upgrades early and finalising internal testing, we can provide our customers with a reliable and modern banking experience that meets their evolving needs,” said Mr Fichte on the milestone.
Starting today, the bank is able to receive SEPA instant payments, following significant updates to its system. These payments allow euro transactions to be completed within just 10 seconds, regardless of the time or day, including weekends and public holidays.
HSBC Malta met the compliance requirements for SEPA Instant Payments ahead of the EU regulatory deadlines set for 2025.
These enhancements ensure that payments received during weekends and public holidays will be immediately posted and value-dated, offering seamless and uninterrupted service to clients.
The regulation, which comes into effect in two stages – 8th January 2025 for receiving and 8th October 2025 for sending SEPA instant payments – also mandates equal charges for instant payments and standard SEPA transfers.
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