Introducing SEPA Instant & Verification of Payee

SEPA Instant - Delivering Faster Payments across the Euro SEPA zone

As part of the Instant Payments Regulation coming into effect in 2025, sending and receiving money will soon be quicker and more convenient than ever before. To support this improvement, we’re making some changes to the terms and conditions of your payment services. Here’s what you need to know regarding updates to your Framework Contract, in line with Regulation 76 of the European Union (Payment Services) Regulations 2018.

What is SEPA Instant?

SEPA Instant will make sending and receiving money faster than ever enabling you to send and receive euro payments in under 10 seconds, 24/7, all year round – that includes, evenings, weekends and bank holidays. This additional functionality will be available in your online or mobile banking access to allow you to send and receive euro payments across the Single European Payments Area 1(SEPA Zone) in under 10 seconds.

When is SEPA Instant Available?

The SEPA Instant Payment feature will be available through your online and mobile banking from Monday 1st September. This added feature will be automatically applied with no need to take any action.

Update to Terms & Conditions

In advance of the upcoming launch of SEPA Instant, we are updating the Credit Union Framework contract to include additional Terms and Conditions relating to SEPA Instant Payments. The new framework contract can be viewed here and wil take effect from 1st September 2025. Your current framework contract remains valid until 31st August 2025.

How to Accept the Changes

You do not need to take any action to accept these changes. By continuing to use your account and our services after the changes take effect, you will be considered to have accepted these added features and update to Terms & Conditions.

If you do not wish to accept the changes, you have the right to close your account or end your agreement with us free of charge, provided that any outstanding balances or fees have been cleared. You can do this by writing to our office or

contacting us through our usual service channel. We understand that some customers may not wish to accept the changes outlined in this guide. If this applies to you, please take action before 31st August 2025, after which the new terms will be applied automatically.

Verification of Payee - Enhanced Protection when Sending Payments

In addition to the introduction of SEPA Instant, we are also introducing a new security feature called Verification of Payee (VoP) as part of our ongoing efforts to protect you from fraud and give you greater confidence when making payments.

What is Verification of Payee?

Verification of Payee is a fraud-prevention service that checks whether the account name you enter when setting up a payment matches the name on the recipient’s (person you are sending to) bank account. This extra layer of security helps ensure that your money is going to the right person or business.

When is Verification of Payee Available?

Starting from 9th October 2025, when you initiate a payment—whether online, through a mobile app, or in office—your Credit Union will verify that the recipient's name matches the account number (IBAN). This real-time check aims to reduce fraud and prevent misdirected payments.

How Verification of Payee Works:

When you set up a payment:

1. You enter the recipient’s name, IBAN/account number, and bank details.
2. The system checks whether the name matches the account at the receiving bank.
3. You get one of three possible results;

• Match – The name and account number match.
• Close Match – The name is similar; you are advised to double check.
• No Match – The name does not match the account; you are warned before proceeding.

How Verification of Payee Can Protect You

• Helps prevent fraud (e.g. invoice redirection scams).
• Reduces misdirected payments due to typos.
• Gives you greater confidence before sending money.

As always, the team at Tower Credit Union are on hand to help with any queries you may have. Should you wish to find out more about anything listed above you can email us at info@towerCU.ie. Alternatively, you can speak to us in branch or by phone at 01 4570884.

The updated Framework that will come into effect from 1^st September 2025 is available to view here.