We’re thrilled to share some exciting news—Instant Payments are coming to ANSAC Credit Union!  From October, you’ll be able to send and receive money in real time, 24/7/365—including weekends and public holidays. That means no more waiting for payments to clear—your money will move instantly when both banks support SEPA Instant Payments.

What are instant payments?

Instant Payments allow you to:

• Transfer funds in seconds—any time, any day.
• Send and receive payments instantly, even on holidays.
• Get immediate confirmation when money is sent or received.

Simplify everyday payments—from splitting bills to covering emergencies.  When you send money by EFT, our system will check if the receiving bank supports Instant Payments. If it does, your payment will be processed within seconds—no extra steps needed.

There’s nothing you need to do—Instant Payments will be enabled automatically on your account once the service is live.

Important Information - Regulation 76

As part of this launch, we also want to make you aware of an important regulatory update.  Regulation 76, part of the EU’s payment services regulations, exists to protect you when making electronic payments.  With the rollout of SEPA Instant Payments, Regulation 76 has now been updated to cover instant payments as well.  To learn more about how Regulation 76 protects you, login to our online banking section.

What is Verification of Payee (VoP) ?

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 this happening?

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 It Works?

When you set up a payment, you enter the recipient’s:

• Name
• IBAN/account number
• Bank details.

The system then checks whether the name matches the account at the receiving bank.
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.

Benefits:

• Helps prevent fraud (e.g. invoice redirection scams)
• Reduces misdirected payments due to typos
• Gives you greater confidence before sending money
  
  Feedback and Support
  For full information on Sepa Instant and VoP, please see our Sepa Instant Payments Guide, you'll also find a link below to our SEPA Instant & VOP FAQs and a link to the Industry wide dedicated website, payrightnow.ie

Equally, if you have any questions, our Member Services Team is always here to help, please contact us at: 018554489