Sanctions Screening for Instant Payments

How are Banks Preparing for the Instant Payment Obligation?

Instant payments refer to transactions made from one account to another, available 24/7 and completed within 10 seconds. In November 2023, the EU decided to make such transactions mandatory for all payment service providers in the EU and other countries. Market participants in Switzerland will have to wait a bit longer. By August 2024, the largest Swiss banks must be able to process instant payments, other banks should follow by 2026.

This brochure covers the following topics:

  • Instant payments: The fast version of the standard credit transfer
  • 500 milliseconds for sanctions screening
  • Payment Screening Software: Matching customer and payment data with sanction lists
  • Comparison algorithm: Rejecting suspicious payments
  • 5 reasons why banks choose ACTICO Compliance Suite for instant payments sanctions screening

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