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Seven Dutch banks complete roll out of Instant Payments


Both business and private customers of seven Dutch banks can now transfer payments instantly, using mobile and online banking.

The amount will generally be credited to the recipient’s bank account within five seconds 24x7x365.

Over the past six months, ABN AMRO, ING, Rabobank, de Volksbank (ASN Bank, RegioBank, SNS) and Knab have gradually connected all their online and mobile banking customers to Instant Payments.

Between the seven Dutch banks there is no limit on the amount that can be transferred, whereas elsewhere in the eurozone, Instant Payments are usually limited to 15,000 euros per payment.

More than a million Dutch transfers via mobile and online banking are now credited instantly to the recipient’s account, every day of the year, around the clock. In just a few months, the Netherlands has become the undisputed leader in the number of Instant Payments within the eurozone.

You can view the Dutch Payment Association’s infographic on Instant Payments in a nutshell here.

Author: Kate Nelson