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Wholesale Banking

ING started introducing instant payments from 2019 onwards. As a pan-European bank, ING’s ambition is to offer Instant payments in all countries in which it has a local presence. Here you can find information on what instant payments are, what the advantages are, and when you can initiate or receive them.

The benefits

We live in a digital world of instant news and instant messages. Instant payments are a logical consequence of our 24/7 economy. Instant payments will be added to real-time payments and will give all clients the option of carrying out payments 24/7, 365 days a year.

Participating banks

Instant payments are not yet mandatory for banks to participate in. As a result, you may encounter that you are not be able to send an instant payment to all beneficiaries. Transactions to those beneficiaries that hold their account at a bank that is not reachable for Instant Payments will be processed as a normal SEPA Credit Transfer (during opening hours).

Instant payments provide the following advantages:

  • Improvement of cash flow and optimisation of cash management by monetising on an investment opportunity during the weekend.
  • Improved credit risk management.
  • Send and receive funds outside business hours, in the evening, nights, weekends and holidays for receipt of e-commerce transactions, invoices, retail transactions.
  • Immediate and more transparent delivery and receipt of time-critical payments such as notary and tax payment and the payment of insurance claims.
  • Improved supply chain thanks to direct delivery of goods based upon receipt of funds; direct salary payment after working day.
  • Opportunities for innovation, such as new products or services thanks to automatic debiting of the client’s account for purchases.
  • Improved control and oversight of financial cash management through centralisation of treasury activities (to remote) central location.

Potential impact on your business

Being able to send and receive instant payments in real-time at every moment of the day, 365 days a year, can have an impact on your business. 

Payment and treasury systems

Accounts will be debited and credited 365 days a year. This may affect the way you handle your cash management.
Liquidity forecasting and reconciliation will be impacted as your balance will shift during weekends and holidays, too.