Payments across all banks received important updates

Several important updates have been implemented to the way payments are made. Some of these changes stem from the EU-wide Instant Payments Regulation that took effect in October, while others are the result of technological upgrades within Coop Pank.

From now on, instant payments are available not only at Coop Pank but also at all other banks. This means that all individual euro payments made by private and business customers will be transferred instantly, i.e. within 10 seconds.

To enhance both safety and transparency, we’ve introduced two new features: verification of the recipient’s name and account number, and a new instant payment limit. These updates aim to align payment services with customers’ expectations to ensure payments are fast, transparent, and secure.

Recipient name and account number check – make informed decisions

We’ve added an automatic verification feature for all single payments within Europe. It checks whether the recipient’s name matches the account number entered in the payment order.

This check will not hinder you from completing the payment. If the name and account number don’t match, you’ll be notified and can decide whether to proceed or cancel the transaction.

This helps reduce the risk of mistaken or fraudulent payments. Nonetheless, we always recommend reviewing payment details carefully before confirming a transaction.

The name verification is performed automatically for all individual payments. If you are a corporate client sending multiple payments via a file upload, you may choose to opt out of this check. However, you can re-enable it at any time.

New option: instant payment limit

You can now set an additional daily or per-transaction limit for outgoing instant payments. The available options and conditions may differ between banks.

If the payment amount exceeds your set instant payment limit, the transaction will still go through, but as a regular SEPA payment, which typically reaches the recipient within a few hours.

Setting a limit is voluntary and helps you manage the instant payments made from your account. You can adjust or remove the limit at any time within the internet bank or at a bank branch.

If no limit is set, all eligible payments will automatically be processed as instant payments, and your existing daily and monthly transfer limits will apply.

The €100,000 limit for instant payments no longer applies

Please note that the previous maximum amount of €100,000 for instant payments has been removed. This means that, if supported by your bank’s systems, even larger sums can now be transferred within seconds.

These changes also strengthen payment security. Recipient verification ensures that funds are sent to the correct person, while the instant payment limit provides an additional safeguard against fraud attempts, such as cases where fraudsters try to manipulate customers into making payments over the phone.