CaixaBank tackles the new instant transfer system

The service will be available to CaixaBank clients as of 21 November, which is the first day that the service goes into commercial use.

This morning CaixaBank completed its first transfer under the European Payments Councils instant credit transfer scheme. The financial institution thus established itself as one of the first international banks to harness the new pan-European scheme for transferring money between accounts. Specifically, CaixaBank sent a transfer of funds to an account held at Austrias Erste Bank. The recipients confirmed that the transfer had arrived within five seconds.

These instant transfers are based on a new scheme that allows payments of up to EUR 15,000 to any account in Europe, with the funds being received in less than 10 seconds. The schemes multiple benefits include instant confirmation to the payer that the transfer has been made and received, while recipients have immediate access to the transferred funds.

The instant transfer application was launched as a pilot scheme exclusively for transfers between those banks taking part in the project and that have implemented the required technology.

Any customer wishing to make instant transfers will be able to access the service at their CaixaBank branch and likewise via the online Línea Abierta service, which is compatible with all web browsers and mobile devices. The option will appear as of 21 November, supporting transfers sent to and received from other European financial institutions.