Below an explanation of why bunq and ABN AMRO already support instant payment and the other banks do not yet.
In the coming years, there are a number of changes that have a major impact on bank transactions. That way PSD2 is available, but the Instant Payments (IP) are also coming. We have received a number of questions about this recently, and we hope to be able to provide a little more explanation in this topic.
WHAT ARE INSTANT PAYMENTS?
With Instant Payments, transferring to another account is super fast. Almost immediately after pressing the send button the amount is on the account of the person to whom you are transferring, even in the evening and at the weekend. That is not the case now between different banks. In the evening, at weekends, and on certain holidays, payment traffic is stopped.
ARE INSTANT PAYMENTS ALL POSSIBLE?
There will be different IP systems, such as a European EBA variant and a Dutch variant. There are a number of banks that have already started using the European Banking Association (EBA) Clearing variant. These banks can already process IPs. In the Netherlands, this is currently only ABN Amro and Bunq . There will also be a Dutch variant of IP and that is expected in 2019. For Knab, this means that we expect IP in the 2nd quarter of 2019. There is a difference between the EBA variant and the Dutch variant. For that reason, Knab made a conscious decision to only participate in the Dutch variant at the moment.
IS IP NOT A EUROPEAN REGULATION?
No, IP is not a European regulation and is therefore not mandatory. Nevertheless, we are happy to participate! In today's world, it is expected that a transfer will take place immediately and that the payment system will not come to an end in the evenings and weekends. The Dutch variant is coming and is expected in 2019.
WHAT IS THE DIFFERENCE BETWEEN THE DUTCH AND EUROPEAN VARIATIONS?
Knab sees added value in the Dutch variant and is therefore not hooked on the European version of EBA, but what about that? The Dutch variant will be faster than the European variant. You can then expect a transfer within 5 seconds on the other bill while the European version can take up to 10 seconds. In addition, the variant that is tinkered in the Netherlands does not have a maximum amount. The EBA variant has a limit of € 15,000, the "old" system is used above. At the moment only a limited number of banks have registered for the EBA version at European level, the Dutch version is supported by almost all Dutch banks.
CAN I, WITH THE DUTCH SYSTEM, STILL TRANSFER IP IN EUROPE?
The Dutch system does not connect to the system of the EBA. So you will not be able to do an IP from Knab to another European bank account. A transfer to another European bank account then goes along with the traditional transfer. If the system of the EBA for IP is also supported by many other European banks, we will also look for a connection to that IP system.
HOW DOES THE ROADMAP SEE TO IP?
As such, we follow the roadmap as drawn up by the Payments Association. You can keep this up if you are curious about what phase we are in.
Dutch IP roadmap:
There is an Instant Payments for the European banks and there will be one for the Dutch banks. "2 separate systems"
Other banks, including ING, are now focusing on the Dutch version.
Now my question is also:
Will bunq the Dutch IP?