How long does it take for a single transaction to settle?
Open Banking payments executed through Yapily send the payment instruction to the
Institution. As a result, the payment rails used by the
Institution to execute the payment ultimately determines how fast the payment settles.
- The Faster Payments Scheme (for Domestic Payments within the UK) : Normally, a Faster Payment arrives within minutes although sometimes they can take up to two hours. Where the recipient is a Faster Payments Participant Bank, they should generally be able to see the credit on their account within seconds and also be able to access the funds
- SEPA Credit Transfer (for Euro payments within SEPA countries) : SEPA Credit Transfer takes a maximum of one banking business day.
- SEPA Credit Transfer Instant (for Euro payments within SEPA countries) : SEPA Credit Transfer Instant is available 24 hours a day, 365 days a year and there are no cut-off times. The maximum execution time for a SCT Instant payment is 10 seconds, and the funds are immediately available for the recipient. In order to facilitate these payments, there are often charges associated with these payments averaging €0.002 per transaction but additional charges by each
Institutionare usually also applied.