Inside Europe's race to instant payments

So, you think you’re ready for SEPA Instant?

It’s the question we put to European banks back in February 2024.

At the time, the European Instant Payments Regulation (IPR) was heading for a vote, and banks were staring down a tight deadline — less than 18 months to modernise their systems and comply.

Six in ten banks told us the proposed timelines were unrealistic. One in ten said they weren’t confident they’d be ready in time.

The vote passed. The IPR became law. And the first major deadline has now come and gone: every EU bank whose domestic currency is the euro must be able to receive SEPA (Single European Payments Area) Instant Payments — unless they’ve secured an extension.

It’s a big step forward. But the next deadline is fast approaching. And what lies between is arguably the most complex part of the journey.

Banks now have several months to implement, test, and deploy a working Verification of Payee solution to combat instant payment fraud. They must figure out the customer experience across payment channels. There are new risks with 24/7 processing, liquidity management, and sanctions screening. Crucially, they need to be able to send SEPA instant payments. And there’s much more work to do beyond the deadlines.

So, one year on, we return to the same question, now at a critical moment. 

With the 9th October 2025 deadline on the horizon, we asked banks how they’re coping with Phase 2 of the IPR. What progress they’ve made. And what risks remain.

Our research paints a positive picture. However, there are huge challenges to overcome and big differences between meeting compliance and being operationally ready. 

How did they cope with the January deadline? Are they confident they’ll meet the October one?

What impact is the removal of the €100,000 limit having?

How are they approaching fraud and Verification of Payee? And crucially: do the long-term benefits of SEPA Instant outweigh the cost and complexity of compliance?

Momentum is building. Confidence is growing. And many banks now see instant payments as a strategic enabler. Not just a regulatory obligation. 

But major challenges remain.

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