HSBC Malta customers can now receive SEPA instant payments, the bank announced on Monday.

The Single Euro Payments Area (SEPA) is a system for transferring funds between European bank accounts, with SEPA instant payments arriving in under 10 seconds and available 24 hours per day.

In a statement on Monday morning, HSBC said the new capability had been “thanks to significant upgrades to its [HSBC] systems,” adding the bank had introduced SEPA instant payments ahead of EU regulatory deadlines for this year.

Banks across Europe have until Wednesday to be able to receive instant payments and should be able to send them by early October.

HSBC Bank Malta CEO Geoffrey Fichte called SEPA instant payments a “significant step forward,” adding the bank was “proud to be leading this transition.”

“By completing our system upgrades early and finalising internal testing, we can provide our customers with a reliable and modern banking experience that meets their evolving needs,” he said.

HSBC noted customers can receive instant payments on any day of the week, including weekends and public holidays.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.