Instant Payments and Verification of Payee (VoP)

Instant Payments

You no longer have to wait, as instant payments in euros to payees are executed within a very short time, almost in real time, 24 hours a day, every day of the year.

1. An instant payment order can be submitted via online banking using the mobile application (m-zaba), internet banking (e-zaba), or at any Bank branch office.
2. The payment is initiated through the existing payment order form by selecting the “instant” option.
3. Instant payment orders can be made and received by all individual clients and business entities that hold a transaction account with the Bank.
4. Payments can be made within Croatia, to EU and EEA countries, as well as abroad to banks within the SEPA area (that support instant payments).
5. The only payment currency available is the euro.
6. The rules for filling out the payment order (e.g. reference number) are the same as for standard payment orders.
7. The fee for instant payments is charged according to the Bank’s tariff and is identical to the fee for standard payments.
8. It is possible to set limits for instant payments: either per individual payment or as a daily limit (the total amount of all instant payments in one day). This is an optional functionality that you may set up, modify, or cancel at any time via online banking (m-zaba, e-zaba) or at a Bank branch office.
9. Instant payments can also be scheduled for future execution dates, and instant standing orders can also be set up.

Verification of Payee – VoP

A new functionality that checks whether the name and surname or company name of the payee stated in the payment order matches the name of the IBAN account holder before the payment order is executed, thereby increasing payment security for the payer and reducing the risk of fraud and misdirected funds.

The possible verification results are:

• Match – The payee’s name matches the name of the IBAN account holder.
• Close Match – The payee’s name partially matches the name of the IBAN account holder. The payer is shown the name of the actual account holder linked to the IBAN provided in the payment order. The payer can choose to update the payee’s name to the one shown as the VoP verification result and decide whether to proceed with the payment.
• No Match – The payee’s name does not match the name of the IBAN account holder provided in the payment order. To ensure correct payment, the payer may verify the information with the intended payee.
• Verification Not Possible – The payee’s bank is unavailable, or the payment order does not meet the conditions required for the VoP service.

Based on the verification result, the payer independently decides whether to proceed with or cancel the payment.