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Coop Pank has joined the instant payments system

On Tuesday, 9 April, Coop Pank started using the system of instant payments, which allows the clients of its member banks to make and accept inter-bank transfers under 15,000 euros within seconds.  

Head of daily banking at Coop Pank, Teet Kerem, said that the implementation of the system of instant payments will make the life of Coop Pank’s private and business clients much easier and more comfortable. “The transfers sent to or coming from other banks which have joined the system of instant payments will from now on take literally seconds. The maximum amount for an instant payment is 15,000 euros, and they are performed 24/7 regardless of weekends and national holidays,” Kerem explained. “For customers, only the speed of the transfer changes, and the rest will be done by the bank without the client paying any extra fee. In case an instant payment cannot be made (for instance, if the receiving bank has not joined the system), it will the same time as before.”

Instant payments can be initiated by all Coop Pank’s private and business clients in the online banking environment, mobile application or branch office, and all instant payments are free for banking plan users.

Instant payments can be performed between the banks which have joined the pan-European instant payments system. In Estonia, the system of instant payments is implemented by SEB, LHV and Swedbank in addition to Coop Pank.

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