Bank of Valletta has introduced instant outward SEPA payments, allowing customers to send euro transfers across 36 European countries in seconds. The new service, available from Monday 6 October, builds on the instant inward payments feature launched in December 2024 and marks a major step forward in BOV’s digital payments offering.

The upgrade means that BOV customers can now make transfers to any SEPA country at any time – including weekends and public holidays – with funds reaching the recipient in under 10 seconds. The service carries no extra charges beyond the standard SEPA credit transfer fees and can be accessed through the bank’s mobile and internet banking platforms.

“This is a new era of digital payments,” said Chris Degabriele, BOV’s Head of eBanking Channels. “Gone are the days when inter-bank transfers took two or three days to clear. In today’s fast-paced world, instant payments will change how people send and receive money, both locally and abroad.”

BOV said the service offers a faster, cheaper, and more convenient alternative to issuing cheques, with the added benefit of instant availability of funds.

To enhance safety, the bank has integrated a Verification of Payee (VoP) feature that checks whether the IBAN and payee name match before completing a transaction. Customers can review and confirm payments flagged as mismatched, reducing the risk of fraud or error.

An AI-driven transaction monitoring system will also run continuous checks before and after payments are made, adding extra protection without slowing down transfers.

The launch places BOV among a growing number of European banks offering instant SEPA payments – a move expected to accelerate Malta’s shift toward fully digital banking.