The Croatian Banking Association (HUB) announced on Wednesday significant changes to Croatia’s payment system that will take effect in 2025, involving the introduction of SEPA instant payments.
“The introduction of SEPA instant payments marks an important step in the modernization and digitalization of Croatia’s financial system. This payment service allows users to execute payment transactions faster, more securely, and more conveniently,” HUB stated.
In 2024, alongside the Payment Transactions Act, a European regulation on instant credit transfers in euros was adopted. It will come into effect in two phases during 2025 and mandates the implementation of SEPA instant credit transfers (instant payments), enabling the transfer of funds within seconds, 24/7, 365 days a year.
According to the latest regulatory requirements, all payment service providers will be required to facilitate receiving national and cross-border SEPA instant payments starting January 9, and sending such payments starting October 9 of the same year, HUB emphasized.
In line with the regulation, fees for SEPA instant payments will be equal to those for standard payments.
HUB also noted that a significant number of banks in Croatia have already been offering the service of receiving and sending national and cross-border SEPA instant payments, providing users with fast and secure payment execution.
They reminded the public that standard SEPA credit transfers in Croatia are currently processed according to the Financial Agency’s (EuroNKS) payment system schedule, with orders initiated outside working hours, on weekends, or public holidays executed on the next business day.
With the introduction of SEPA instant payments, HUB highlighted that a strong emphasis has been placed on system security. Under the regulation, banks offering this service are required to conduct more intensive client database checks against sanction lists at least once daily, every day of the year, in accordance with obligations under the Restrictive Measures Act.
As a result of such checks, there is a possibility of temporarily withholding the ability to submit/receive instant payment orders for clients using this service. Since this is an EU regulation, the checks conducted by banks in Croatia will be identical to those performed by banks in other EU member states, HUB added.
For additional information on the benefits and how to use this service, clients are advised to contact their bank, HUB concluded.
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Publish date : 2025-01-09 23:08:00
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