iFast Global Bank has introduced a new service enabling businesses to send euro transfers instantly, marking a significant upgrade in cross-border payment capabilities. The feature, announced on Tuesday, aims to streamline international transactions for companies operating in London and beyond.
Instant Transfers for Business Efficiency
The new instant euro transfer service allows businesses to move funds across borders in real-time, 24/7, including weekends and public holidays. This eliminates the typical delays associated with traditional banking systems, which often take one to three business days for international transfers.
According to iFast Global Bank, the service leverages the Single Euro Payments Area (SEPA) Instant Credit Transfer scheme, which enables euro payments to be processed within seconds. This is particularly beneficial for small and medium-sized enterprises (SMEs) that rely on timely payments to manage cash flow and maintain supplier relationships.
Benefits for London Businesses
London, as a global financial hub, hosts numerous businesses that engage in frequent euro-denominated transactions. The instant transfer service is expected to reduce operational friction and enhance financial agility. Key benefits include:
- Faster settlement times: Payments are settled in real-time, improving liquidity management.
- Lower costs: Reduced reliance on intermediary banks can lower transaction fees.
- Increased transparency: Real-time tracking provides better visibility into payment status.
iFast Global Bank CEO Lim Wee Seng commented: “We are committed to providing innovative banking solutions that meet the evolving needs of modern businesses. This instant euro transfer capability empowers our clients to operate more efficiently in the global marketplace.”
How It Works
To use the service, businesses need an iFast Global Bank account and must initiate the transfer through the bank’s digital platform. The recipient must have a bank account within the SEPA zone. The transfer amount is capped at €100,000 per transaction, in line with SEPA Instant limits.
The service is available immediately to all iFast Global Bank business customers. The bank also plans to expand instant transfer capabilities to other currencies in the future, including sterling and US dollars.
Industry Reaction
Banking analysts have welcomed the move, noting that instant payments are becoming a standard expectation in the digital age. “Businesses no longer tolerate delays in cross-border payments,” said Sarah Johnson, a fintech analyst at London-based consultancy FinTech Futures. “iFast’s initiative aligns with the broader trend toward real-time banking services.”
The launch comes amid increasing competition among digital banks to offer faster, cheaper, and more transparent cross-border payment solutions. Traditional banks are also under pressure to upgrade their legacy systems to keep pace with fintech innovators.
iFast Global Bank, a subsidiary of iFast Corporation, has been expanding its digital banking services in Europe and Asia. The instant euro transfer service is part of its strategy to capture a larger share of the SME banking market.
