Moneybase launches free SEPA Instant payments

Following last year’s successful introduction of free SEPA payments, Moneybase continues to revolutionise the payments landscape in Malta by announcing SEPA Instant transfers.

With this latest enhancement, Moneybase customers can receive euro-denominated payments across the Single Euro Payments Area (SEPA) within a few seconds, providing speed and efficiency for both retail and corporate clients.

Moneybase has also confirmed that all instant SEPA transfers for retail and business clients will remain entirely free, regardless of the transaction amount. This sets Moneybase distinctly apart from other local banks that continue to charge transaction fees.

Since introducing free SEPA transfers, Moneybase has recorded a remarkable 450% increase in SEPA transaction volumes throughout 2024, underscoring the rising demand for seamless, cost-effective and customer-friendly payment solutions.

Moneybase’s initiative aligns closely with the European Union’s broader push towards instant euro payments, designed to ensure immediate availability of funds to recipients, regardless of traditional banking hours.

In a recent resolution, the European Parliament emphasised the importance of instant payments for fostering financial inclusion, reducing dependency on traditional banking delays, and enhancing the competitiveness of EU businesses, particularly SMEs.

Recent figures from the European Central Bank revealed a 7.4% increase in non-cash payments in the euro area during 2024, totalling 72.1 billion transactions, with a total value rising by 1.9% to €113.5 trillion. Card payments accounted for 56% of all non-cash transactions, credit transfers represented 22%, direct debits made up 15% and e-money payments accounted for 6%.

“At Moneybase, we remain dedicated to delivering seamless, efficient and cost-effective services for all our customers. By embracing innovative solutions, Moneybase continues to strengthen its position as Malta’s leading financial platform, leveraging technology to empower customers and businesses alike,” said Alan Cuschieri, founder and CEO of Moneybase.

“The introduction of instant SEPA payments redefines convenience, enabling our users to move funds across Europe in real-time without incurring unnecessary costs. This development aligns with the EU’s ambition to establish instant payments as the standard across the region, reinforcing transparency, efficiency and accessibility within financial services,” he added.

“By implementing instant payments, Moneybase not only enhances transactional efficiency but also contributes significantly to a more integrated and competitive European financial market. Outgoing SEPA Instant payments will be launched later on this year,” concluded Cuschieri.

Payment services are brought to you by Moneybase Limited (MB) C 87193 which is licensed by the MFSA to transact the business of a Financial Institution in terms of the Financial Institutions Act, Cap 376. Moneybase is a subsidiary of Calamatta Cuschieri Moneybase plc with registered address situated at Level 0, Ewropa Business Centre, Dun Karm Street, Birkirkara, BKR 9034, Malta