The SEPA Priority Payment is a scheme that will form the basis of a priority transfer service to be offered by the more competitive banks (which will have to have formally joined the scheme). This instrument will ensure that the payee's account is credited within four hours after acceptance of the payment instruction by the payer's bank.


Key characteristics:

• Highly automated priority payment service in Euros
• Standard recognised by all the banks applying the scheme
• Very competitive settlement times: maximum of 4 hours from acceptance of the instructions to credit funds to payee.