Do you like the idea of instant transactions, instant payments? If you’ve ever waited a day (or two) for a bank transfer to land, you already know why instant bank payments became such a big deal. Nobody wants to wait to transfer money or listen to “tomorrow morning” or “during regular business hours.”
This is where instant bank payments come in. They allow money to move between bank accounts in seconds, giving companies and consumers a faster, safer, and cheaper way to get paid.
If the instant payment system is such a big deal, why do many still choose to stick with traditional bank transfers? Is it only a matter of cost? Is it less secure? Risk? What is more beneficial for business and consumers?
We are Genome, an Electronic Money Institution, and we offer instant bank payments via a combination of SEPA Instant Transfers, Open Banking, and business account services – all in one place. Let us dive into the topic and explain it point by point.
What is an instant bank payment?
An instant bank payment is a real-time payment, meaning it is basically a transfer that lands into the receiver’s account, typically within seconds.
In this online banking era, instant payments are increasingly the normal way people expect money to move. Nobody wants to wait hours for some old-school bank transfer to clear, especially when you’re running a business. You just hit the button, and the transaction lands instantly – that’s why these services blew up so fast.
On a technical level, instant payments mean your funds move from one bank account to another bank account without waiting hours or days. It’s all done through real-time payments, and the whole idea is to avoid the old-school delays that come with traditional bank transfers.
SEPA Instant Credit Transfer (SCT Inst) is a good example of an instant payment system that moves funds in real time across the SEPA area at the fastest possible speed (usually in seconds).
SEPA isn’t the only instant payment system. Others include Faster Payments Service (UK), FedNow Service & Clearing House’s RTP Network (USA), and Visa Direct (push-to-card). An instant payment network is not new to digital payments.
Here’s the magic behind it:
Works 24/7, even at 2 AM on a Sunday.
Money arrives in seconds.
Great for both customers and businesses.
No need to wait, unlike with traditional bank transfers.
Easily managed within modern banking apps.
It exists because today, nobody wants to wait, and businesses want faster payments, better cash flow, and fewer delays.
Open an account
in Genome online
How do instant bank payments work?
First, instant payments, instant bank transfers, and real-time payments all mean the same thing in the context of this explanation.
Instant payments operate on systems that work 24/7, so you gain access to a transfer that goes through any time, day or night. These services automate everything behind the scenes, so the money appears instantly without extra effort from you.
The process is pretty straightforward. Here’s how instant bank payments work inside Genome, when merchants’ customers use the instant payment system:
Step 1: The customer authenticates through their bank
The customer requests payment at checkout and selects “Pay by Bank“. They’re redirected to their banking app or website to verify their identity via Strong Customer Authentication (SCA) and log in to their bank account.
Step 2: Real-time processing and instant settlement
Once the customer confirms the payment, real-time processing takes place. If SEPA Instant Transfer is used, the payment is instantly transferred and settled in the merchant’s bank account.
Step 3: The merchant receives instant confirmation
Genome enables both the merchant and the customer to get immediate confirmation about transaction initiation and completion when funds are settled. The business receives confirmation right away, and the money is deposited into the recipient’s account, typically within seconds.
Instant bank payments vs. traditional bank transfers
Regular bank transfers still exist and are doing well, but once you use instant payments, the difference is huge. Businesses that deal with lots of transactions feel it instantly – no delays, no “waiting till Monday,” none of that. Just fast money.
Here’s a short comparison of why an account with instant payments sometimes feels like a superpower with cheat codes enabled.
Feature | Instant bank payment | Traditional bank transfers |
Speed | Immediately (seconds) | At least couple of hours, usually 1–2 days |
Availability | 24/7/365 | Regular business hours |
Use cases | Checkout, payouts, time sensitive payments | Invoices, salaries |
Cost | Usually lower fees | Varies |
Settlement | Immediate | Slow |
Old bank transfers still work, but they are slower, limited by business hours, and sometimes feel outdated.
Instant payments, on the other hand, keep rolling 24/7 and settle instant payment transactions in seconds.
Once you start using instant payments, going back to old bank transfers can feel a little underwhelming.
Instant bank payments vs. card payments
Demand for faster transactions keeps rising, and instant bank transfers have quickly become a business favorite for reasons like these:
No card fees;
No chargebacks;
Faster settlement, the transactions don’t get stuck;
Lower chargeback-related fraud risk;
No financial institution middlemen (like Visa/Mastercard);
The funds arrive when you actually need them;
Often powered by Open Banking.
Instant bank transfers don’t drag card processors or extra services into the mix. It’s just a clean, direct, and quick process. Instant payments really shine here.
For merchants, it’s faster and often cheaper. It is also convenient for customers for the same reason – efficiency.
When the services are built around instant payments and instant bank transfers, everything becomes more predictable. Money in – money out – done.
Benefits of instant bank payments for businesses
When a company uses an instant bank transfer, things just work faster. No more guessing when the payment will hit. No more relying on slow processors.
It’s basically a faster alternative to the usual bank transfers, especially helpful when you’re dealing with customers who want everything fast.
Some people don’t realize it, but for a business, getting funds instantly is a game-changer. Cash flow stays healthy, payouts don’t lag, and transactions feel smooth.
Even customers have increasingly gotten used to instant payments in their daily apps, so they expect the same speed when they pay online. Slow methods feel ancient now.
If we talk strictly about benefits, then instant systems offer plenty:
Better cash flow as money arrives instantly.
Fewer payment delays (and much fewer headaches compared to old bank transfers).
Fast access to funds.
Instant payments feel like they fit the era of recurring payment schedules perfectly.
Lower instant payment cost compared to card processors.
Often more secure, since the customer uses their own bank to authenticate, and you don’t bother with payment details.
Instant payments become actually great for high-value purchases – it’s often cheaper.
Customers love the simplicity and speed = fewer abandoned carts.
Works for marketplaces, SaaS, e-commerce, and other digital services.
Great for business operations needing fast payouts.
Perfect when you want to transfer money without delays.
Plus, your account stays active, working in real time instead of sitting idle.
Instant payments also save you from a ton of micro-annoyances. Instead of refreshing your dashboard and waiting for a bank transfer to appear, you get everything in real time. Fewer tools, fewer tabs, fewer headaches – these services just simplify everything.
Use cases for instant bank payments
E-commerce checkout (Pay by Bank)
Fast, frictionless, pure online banking – no card needed, and fewer card-related failures. Customers simply choose their bank, confirm the payment, and they’re done in seconds. The result? Potentially higher conversion rates, fewer abandoned carts, and a checkout process that feels modern and effortless.
Marketplace payouts & merchant settlements
Creators, sellers, consumers, freelancers – everyone can get paid faster. Marketplaces can automate payouts, send funds directly to users’ bank accounts, and reduce operational overhead. It’s smoother for the platform, faster for the sellers, and more convenient for users.
Subscription payments
Fewer failed payments related to card expiry and a smoother customer experience. When supported by the right Pay-by-Bank recurring setup, payments can be confirmed quickly with fewer delays.
It also gives customers more security, because a person would have to complete Strong Customer Authentication (SCA) before starting the process and making a payment.
Pay by Bank subscriptions are direct and stable. Perfect for streaming services, SaaS products, memberships, and anything that relies on recurring revenue.
B2B invoice payments
Forget waiting hours or even days for invoices to settle. Pay by Bank can enable faster business payments, so invoices are paid quickly and reliably.
The process is smooth, vendors get their money sooner, cash flow improves, and administrative teams spend less time chasing late payments.
Salary or contractor payments
Paying your employees with instant payments becomes a much faster process. Whether they’re full-time employees, remote contractors, or one-time specialists, you can send money quickly and securely.
There are other minor upsides, such as easy fund management for traders and effectively boosting your asset liquidity.
You can use an instant bank transfer for literally anything: payouts, refunds, handling weird transactions, whatever. As long as you’ve got a bank account, instant payments just quietly do their thing in the background.
Instant bank payments in Europe (SEPA Instant)
If your business works internationally or in high-volume e-commerce, real-time payments become even more important.
They help you grab your funds on time, avoid liquidity issues, and reduce the lag that slows down operations.
And since more financial institutions support instant rails, global services are getting faster too.
Europe is one of the best regions for instant transactions. If you go with SEPA Instant, this instant payment network has some benefits:
Works across the SEPA area.
High-value transfers are supported, with limits depending on the bank.
Payment transactions arrive typically within 10 seconds.
Becoming mandatory under a phased EU rollout starting in 2025, with later deadlines for non-Euro EU countries and non-bank PSPs.
SEPA Instant is spreading as more financial services adopt it. Good news for businesses – instant payments feel the same across Europe, no matter the country.
Genome offers SEPA Instant Transfers for personal use, for business transfers, and as a payment method in our instant bank payments for merchants.
If your business serves many countries in the EU or actively uses the euro, this is a huge advantage.
Alternatively, you can go with the Faster Payments System in the UK; it works exclusively with GBP, but if that is your currency of choice, it would be a solid payment method.
How Genome enables instant bank payments
Note that under instant bank payments, we specifically mean a payment method that merchants offer customers.
At checkout, customers select Pay by Bank and securely authenticate in their banking app with SCA. Once approved, the payment is processed in real time and can be settled instantly to the merchant via SEPA Instant. With Genome’s instant payments, both merchants and customers get immediate confirmation for a faster, smoother checkout.
Here’s how Genome helps businesses and merchants grow:
Supports SEPA Instant for sending & receiving money. You get SEPA Instant payments – money moves in seconds, not days. Use it for one-time payments and within the instant payment network. Perfect for businesses that want to rely on faster payments, smoother cash flow, and real-time account-to-account transfers.
Faster payments across the EU. If you’re working across Europe, Genome speeds up cross-border payments so you can send and receive money quickly without the usual bank delays. Consumers and business partners would be happy.
Such accounts are great for international merchants, freelancers, and marketplaces.
API and batch transfer options for automation. Need automated and secure payouts or high-volume operations? Genome’s payment API and batch tools let you send thousands of payments with ease.
It’s great for payroll, marketplace seller payouts, subscription platforms – you name it.
Open Banking integrations. Genome connects directly with the network of European banks through Open Banking. That means seamless account-to-account payments, real-time balance checks, and smooth customer verification without cards but with instant payments.
Multi-currency business accounts. You can hold and manage EUR, USD, GBP, PLN, CHF, JPY, CAD, CZK, HUF, SEK, AUD, and DKK in one place. It is especially useful as Genome also offers SWIFT transfers, so you can send money internationally in these currencies.
Dedicated IBANs. Every business gets a dedicated EUR IBAN, making reconciliation cleaner and incoming payments easier to track, especially useful for e-commerce, SaaS, and online marketplaces that value process speed.
Simple, friendly interface. No complicated banking UI. Just a clean, intuitive dashboard where you can manage payments, accounts, and reports without needing a finance degree, like in some banking apps.
As more financial institutions upgrade, real-time payments are becoming the norm – not just a futuristic perk.
Open an account
in Genome online
How to start using instant bank payments with Genome
To access the instant payment system and start accepting payments from customers via it, you need to start a merchant account:
Open a business wallet in Genome.
Complete business verification (company details and required documents).
Add your business details (website/app, business model, expected volumes).
Apply for a merchant account inside the platform once your business account is available.
Once your merchant account is running, you can access instant payment transactions as a payment method to accept from customers.
