SEPA Instant Payments (PSD2)
Following the introduction of SEPA Instant on 9th January 2025 in relation to the virtually instant receipt of funds into Members’ accounts, we're delighted to announce that from 1st September 2025 SEPA Instant will be introduced for the payment of funds from Members’ accounts. The specifics of the SEPA Instant payments process is contained in our updated PSD2 Kilcock CU Framework Contract.
Electronic Funds Transfer, or EFT, allows Members to transfer funds electronically between their credit union account and bank account and pay bills. Members can do this by calling into the office in Kilcock and asking a member of staff to organise this, or do it themselves by using the online facility provided via our website, or Mobile App.
Note: Kilcock Credit Union is registered to process SEPA* payments only. Therefore if you wish to transfer funds into your account the transfer should be made by SEPA payment only. If you are aware that a third party is making a payment into your account, please advise them to ensure they process the payment as a SEPA transaction, if the payment is made by any other means, for example by SWIFT, the payment may be rejected by our processing bank and the payer may incur a rejection fee. Kilcock Credit Union is unable to accept SWIFT payments.
* SEPA - stands for Single Euro Payments Area and the SEPA Scheme that processes SEPA payments was created to standardise and make more efficient Euro transfers between the 27 EU member states, plus Iceland, Liechtenstein, Monaco, Norway, San Marino, Switzerland and the Untied Kingdom. To make a payment the following is required:
The IBAN of the person you wish to pay;
The bank to which the payment is being sent to be in the SEPA Scheme;
The payment must be in Euros.
