Superfast transfers to become standard practice in the Netherlands

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In the Netherlands, banks have spent the past couple of months gradually introducing instant payments, i.e. transfers between banks that take five seconds to clear, seven days a week at any time of day.

Following a successful start-up phase, seven Dutch banks (*) will process more and more transfers superfast in the next few weeks. All ABN AMRO clients who engage in internet banking (IB) and/or mobile banking (MB) have been able to spot instant payments from time to time. By the start of the summer all IB and MB transfers should be done within five seconds.

Sandra Peute, Business Developer of Instant Payments at ABN AMRO: “A lot happens in those few seconds. A series of checks and balances takes place in the back office. We’ve worked hard together for years to make this happen, and it’s great that the Netherlands will now reap the benefits of our efforts on a large scale.”

More information

Read the previous press release issued by ABN AMRO on the launch of instant payments (late 2017) and check out the ABN AMRO website on superfast transfers (in Dutch only).
 
(*) The following banks have joined ABN AMRO in introducing instant payments: ING, Rabobank, SNS, ASN Bank, RegioBank and Knab. Transfers between ABN AMRO and Bunq have been carried out within five seconds for over a year.

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