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.
Instant payments provides your organisation with several advantages:
- Improved cash flow
- Optimisation of cash management
- Send and receive funds outside business hours
- Immediate delivery and receipt of time-critical payments
- Improved supply chain
- Opportunities for innovation
- Improved control and oversight of financial cash management
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.
Instant payments do not differentiate between business days, weekends or holidays for the processing of payment.*
* Please note that ING Belgium does not yet support booking 365 days a year, and for now still differentiates between processing payments on business days, weekends and holidays.
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.
Interaction with your clients could also be affected by instant payments depending on the choices you make, such as having operational client support 24/7, changes in your supply chain management, or options for direct billing.
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.
Interest calculation will be applicable on the day the account is debited or credited: book day = value date. ING will book on all calendar dates so that interest is applicable on all days.**
ING will provide you the option of acquiring your reporting on all calendar days.** Your ERP system must be able to cope with reporting on weekends and holidays to enable you to process reporting files for each day of the week or three files in the correct order on Monday morning. We advise you to contact your ERP supplier for more information.
As the end of the day has shifted to 0:00 hours, your end of day statement will be delivered after day switch. The intraday statements (MT.942 and camt.052) will eventually be sent (near) real-time.**
In your statement, the incoming and outgoing Instant Payments will be reported separately (i.e. separate ING reporting code 00112 and ISO Family Code IRCT/RRCT). In your camt.05X report, a timestamp indicating the time of initiation (in milliseconds) will be added to the report.**
If you have a Domestic Cash Balancing or Cross-Border Cash Balancing pool the introduction of instant payments/365 day reporting may result that transactions and sweeps will be processed on the participating account and master account on weekend days. It could also be that balances will remain on your participating account during the weekend. However, these will be transferred on the next processing day in accordance with the original value day.
Virtual Bank Account (VBA)
If you have a Domestic Virtual Bank Account structure or Cross-Border Virtual Bank Account structure the introduction of instant payments/365 day reporting may result that transactions and sweeps will be processed on the VBA account and master account on weekend days.
For more information view our Instant Payments/365 day reporting and sweep processing per Cash Management Product .
Countries where instant payments are operational
From November 2017, banks in Europe are gradually adopting SEPA instant payments, which is currently still optional. ING Bank, as a pan-European player, has the ambition to offer instant payments in all network countries in which it has a local presence.
Retail clients can send and receive domestic SEPA instant payments (private individuals through Mobile & Home Bank, business clients through Business Bank and Telelink Online). There is no maximum amount for domestic SEPA instant payments.
From November 2020, Retail clients can also send and receive cross border SEPA instant payments to/from any bank in Europe supporting instant payments through EBA RT1*, which is the payment infrastructure supported by EBA Clearing for the processing of SEPA instant payments on a pan-European scale.
The maximum amount for cross border SEPA instant payments is €100,000 per transaction.
Wholesale Banking clients can currently only receive SEPA instant payments.
In November 2021, ING Belgium expects to also become reachable for SEPA instant payments through TIPS* (TARGET Instant Payment Settlement), which is the payment infrastructure supported by the Eurosystem (ECB).
SEPA instant payments are processed within a few seconds, 24/7/365 (transaction date = value date). At ING Belgium, the actual book- and reporting date currently remains on business days.
Retail clients can send and receive domestic SEPA instant payments with no maximum amount. Wholesale Banking clients can receive SEPA instant payments, and sending a domestic SEPA instant payment for Wholesale banking clients is available via InsideBusiness Payments (IBP) with a maximum amount of € 5,000,000 per transaction.
From November 2020, incoming cross border SEPA instant payments from any bank in Europe supporting instant payments through TIPS* are available for both Retail and Wholesale Banking clients.
The maximum amount for cross border SEPA instant payments is €100,000 per transaction.
For both Retail and Wholesale Banking clients, sending a cross border SEPA instant payment through TIPS* is planned to become available in H1 2022.
SEPA instant payments are processed within a few seconds, 24/7/365 (book date = value date).
Retail and Wholesale Banking clients can receive domestic SEPA instant payments, credited end-of-day for Wholesale Banking clients.
From December 2020, incoming cross border SEPA instant payments are available from any bank in Europe supporting instant payments through EBA RT1*.
In November 2021, ING Spain expects to also become reachable for SEPA instant payments through TIPS*.
SEPA Instant payments are processed within 10 seconds with a maximum amount of €100,000 per transaction.
From 20 October 2021, Wholesale Banking clients can receive SEPA instant payments. ING WB Germany becomes reachable through TIPS*.
SEPA Instant payments are processed within 10 seconds, 24/7/365 (book date = value date), with a maximum amount of € 100,000 per transaction.
ING WB Germany will introduce the sending of SEPA instant payments in due course.
Wholesale Banking clients can send and receive domestic HUF instant payments (HCT Inst). HUF Instant Payments are processed within 10 seconds with a maximum amount of HUF 10m.
From June 2022, Wholesale Banking clients can receive SEPA instant payments. ING WB Italy becomes reachable through TIPS*.
SEPA Instant payments are processed within 10 seconds, 24/7/365 (book date = value date), currently with a maximum amount of € 100,000 per transaction.
ING WB Italy will introduce the sending of SEPA instant payments in due course.
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