Half a billion Instant Payments have already been made between Dutch banks

Utrecht — 25 / 11 / 2020

The Dutch Payments Association announced that, since the first Instant Payments in February 2019, more than 500 million immediate credit transfers have been made between different Dutch banks. “Instant Payments have become the normal way of transferring money in the Netherlands,” says Piet Mallekoote, CEO of the Dutch Payments Association. “Companies and payment institutions can reap the benefits, with faster services and future new payment solutions.”

In the Netherlands, more Instant Payments are processed per month than in any other euro country. Over 90% of all single credit transfers between different Dutch banks is an Instant Payment. In the rest of the euro zone, Instant Payments should also become the normal way of transferring funds. Last summer, the European Central Bank expressed its wish that by the end of 2021, all banks in the euro zone should be interconnected for Instant Payments.

Read press release