NEW FEATURE
Send SEPA Instant Payments with APS Bank
What is new?
You can now send SEPA Instant Payments directly from your account - these payments are processed within 10 seconds, 24/7 including weekends and public holidays.
SEPA payments are euro transfers within the SEPA zone (all EU member states plus other European countries).
What is different from the Standard SEPA payments?
| Feature | SEPA Instant Payment | Standard SEPA Payment |
| Processing time | Few seconds (24/7, 365 days a year) | Business days only and may take up to 1 working day or more |
| Cost | Free via myAPS | Free via myAPS |
All SEPA payments (including Instant SEPA Payments) made via myAPS are free of charge.
Key benefits of SEPA Instant Payments
- Speed – your money arrives instantly.
- Convenience – send instant payments through myAPS Internet Banking, the mobile app, or at any branch.
- Security – payments are Verification of Payee (VoP) checks. This means the payee’s name you enter must match the IBAN you enter. If it does not, you will be warned before sending.
How to make a SEPA Instant Payment
Via myAPS internet and mobile banking
- Log in to myAPS
- Select Payments from the top left menu
- Choose Transfer to a non-APS account
- Complete the required information
- Check the Verification of Payee notification
- The SEPA Instant Payment option will be automatically selected – if you do not want to use it, switch it off.
- Select Confirm
- Re-check details and select Yes
📱 App
- Enter app PIN / FaceID / FingerPrint and tap Confirm
💻 Desktop
- Scan the Cronto image on your desktop with your app / physical token
- Enter the secure code
- Select Submit followed by OK
At a branch
- Complete the form here and bring it to your nearest APS branch
- Ask for a SEPA Instant Payment
- We will provide the Verification of Payee check
- Transfer will be processed within seconds
FREQUENTLY ASKED QUESTIONS
Verification of Payee (VoP)
VoP is a service offered by APS Bank to APS customers (payers), at no additional charge, ensuring verification of the payee (beneficiary) to whom the payer intends to send a SEPA payment. This service applies to both non-instant and instant payments.
This service aligns with EU regulations in promoting fraud detection and protection of SEPA payments in euro, both instant and non-instant.
This service is offered before the payer authorises the SEPA payment from an APS account via myAPS Mobile and Internet Banking or when requesting an Outward Payment Order or Standing Order at the Branch.
This service verifies the extent that the name(s) of the payee (beneficiary name(s)) provided by a payer matches with the records of the receiving bank (beneficiary bank), based on the IBAN provided. APS Bank shares with the beneficiary bank the IBAN and the beneficiary’s name(s) provided.
For example, for a given IBAN, where the beneficiary bank’s record of the beneficiary’s name is ‘Joey Borg’, the possible results are:
- Full Match – This means that the beneficiary’s name(s) provided by the payer fully matched with the beneficiary’s bank records, based on the IBAN provided.
- Close Match – This means that the beneficiary’s name(s) provided by the payer matches within 2 characters of the name, e.g. Joe Borg, which is one character different than the actual name of the beneficiary i.e. Joey Borg. In the case of a close match, the registered beneficiary name(s) will be shared. e.g. “Joey Borg”.
- No Match – the beneficiary’s name(s) fails to match within 2 characters, e.g. Joseph Borg.
- System Unavailable – The beneficiary’s name(s) could not be validated due to technical reasons.
You may amend the beneficiary’s name(s) provided to increase the match result changes until you are satisfied.
Alternatively, you may proceed with the payment, however, by authorising this payment, there is the risk that the funds may be directed to an unintended recipient.
This service is to aid the customer as a fraud protection rule, and the customer may decide to proceed with any result at their discretion.
The customer bears liability for proceeding with the transaction. This service is intended to aid customers by confirming the beneficiary’s name related to the IBAN but is not a 100% mitigant against fraud risk.
APS Bank recommends trying again later. Customers may continue without the VoP due to system unavailable response; however, customers bear the liability for proceeding with the transaction.
When making a payment to a business account, ensure that you checked that name on the account with the payee (beneficiary). The name needs to be exactly as it appears on the account.
When making a payment to a joint account, VoP will tell you if the name you enter matches at least one of the account holders. We recommend you check the name with the payee (beneficiary) before continuing with the payment.
Yes, your account details will be verified via VoP for incoming payments. However, only the name associated with your account will be shared in response to a verification request, not your full account information.
When providing your bank details for receiving SEPA Credit Transfer and SEPA Instant Credit Transfer, always provide the name as it appears on your account.
No, VoP is a free service to all customers.
No. This is a verification step of the payee (beneficiary) details only and will not prevent you from making a payment regardless of the VoP check outcome. Please be diligent when making a payment, the VoP service only verifies that the Name and IBAN provided match those that are on record for the payee with their payments service provider.
It is your responsibility to ensure the payee details you are transferring funds to are correct. If you proceed with a payment and the name you enter does not match the name on the account with the payee’s bank or payments service provider, we may not be able to recover the money.
We will on a best endeavours basis request a payment recall on your behalf, however we cannot guarantee the outcome of this request. Irrespective of the VoP results, if you choose to proceed with a payment the funds will be transferred to the IBAN within the payment details.
Our business customers who take advantage of our bulk payment service are now offered the VoP service as well.
After a bulk payment file is uploaded a “Run VoP” button will be presented for customers to use.
After pressing the “Run VoP” button, myAPS will read the bulk file and compare each name per IBAN against the recipient bank’s record of that name and return a result for each payment request.
Given there will be many IBANs and names in the file, this process may take a few minutes. Should you wish to cancel this process you may.
Once complete, a summary screen will show the total number of payment requests and the total value as well as a summary of the VoP results into the four categories:
- Full Match
- Close Match
- No Match
- System Unavailable
You may amend the name provided in the bulk file and re-upload until the results change and you are satisfied. Alternatively, you may proceed if you are confident in the details provided. This service is to aid the customer against fraud, and the customer may decide to proceed with any result at their discretion.
Approved and issued by APS Bank plc, APS Centre, Tower Street, B’Kara BKR 4012. APS Bank plc is regulated by the Malta Financial Services Authority as a Credit Institution under the Banking Act 1994 and to carry out Investment Services activities under the Investment Services Act 1994. The Bank is also registered as a Tied Insurance intermediary under the Insurance Distribution Act 2018. The Bank is a participant in the Depositor Compensation Scheme established under the laws of Malta. Terms and conditions apply and are available on apsbank.com.mt/terms-and-conditions.