03 October 2025
SEPA Instant: Faster, Safer Payments Arrive 9th October
We recently shared news of some exciting new payment features being introduced across the Euro SEPA Zone — SEPA Instant Payments and Verification of Payee (VoP). These enhancements are designed to make your payments faster and more secure.
We’re delighted to confirm that Tower Credit Union will implement these features on Thursday, 9th October.
What’s Changing?
SEPA Instant Payments: Send and receive euro payments in under 10 seconds, 24/7, all year round.
Verification of Payee (VoP): A security step that checks the name you’ve entered against the actual account name, helping protect you from fraud and giving you greater peace of mind
Action Required: Check Your Payee Details
To avoid delays with transfers, please ensure that all payee names saved in your app and online banking match their exact account names. Small differences can cause payments to be delayed or declined. Updating these now will help prevent issues
Examples:
- Saved as “Childminder” but account name is “Jane Doe” → mismatch.
- Saved as “Tom” but account name is “Thomas Dunne” → mismatch.
How to Review and Update Payees
- Log in to your online banking
- Go to Payments > Manage Payees.
- Ensure saved names match exactly with the account names.
- If unsure, confirm the correct name with the person or business.
- When adding new payees, always use their full account name.
Updating A Payee
- Delete the existing entry under Payments > Manage Payees.
- Click New External Account to re-add them using their IBAN and the correct account name.
Important: If a Name Doesn’t Match - Stop immediately!
If the name you enter does not match, or if the receiving bank cannot confirm it:
- Stop immediately and review the information. If entered incorrectly, re-enter the details and try again.
- If the details still do not match - Do not continue with the payment.
- If you proceed, the money may be sent to the wrong account.
- Tower Credit Union may not be able to recover funds, and we cannot accept responsibility for losses in these cases.
Stay Alert To Fraud
Fraudsters are becoming more advanced and difficult to detect. Always remain vigilant. If you suspect anything unusual, contact our team immediately — we’re here to help.
📩 Email: info@towercu.ie
📞 Phone: 01 457 0884
