Half a billion Instant Payments between Dutch banks

Since the first Instant Payments in February 2019, more than 500 million immediate credit transfers have been made between different Dutch banks.

At the start, some 4,000 Instant Payments per month were processed by February 2019. Last October, 32.5 million Instant Payments had already been made. “Instant Payments have become the normal way of transferring money in the Netherlands,” says Piet Mallekoote, CEO of the Dutch Payments Association. “Companies and payment institutions can reap the benefits, with faster services and future new payment solutions.”

Immediate availability of funds

With an Instant Payment, the recipient can immediate dispose of the payment amount. The amount is credited to his or her payment account within seconds, also at night, in weekends and on public holidays. As a result, buyers can pay directly on collecting products or services and sellers can receive payment immediately upon delivery.

The Netherlands leading the euro zone

In the Netherlands, more Instant Payments are processed per month than in any other euro country. Over 90% of all single credit transfers between different Dutch banks is an Instant Payment. For the whole euro zone (including the Netherlands) this is roughly 15%. In most other euro countries an Instant Payment is still a premium payment method, for example only for business customers or only for mobile payment apps.

ECB aims for full coverage across the euro zone

In the rest of the euro zone, Instant Payments should also become the normal way of transferring funds. Last summer, the European Central Bank expressed its wish that by the end of 2021, all banks in the euro zone should be interconnected for Instant Payments. To this end, the ECB is adjusting its systems for interbank setllement of euro payments (called TARGET2 and TIPS).