SEPA network connectivity strengthens cross-border payment rails, enabling instant Euro funds settlement for users worldwide.
Key facts:
- Launch: iFAST Global Bank introduces SEPA Instant Payments to expand its international payment capabilities.
- Purpose: Access to the SEPA network allows clients to send and receive secure Euro transactions instantly across the 41-country SEPA zone, offering a secure and cost-effective alternative to traditional wire transfers.
LONDON, July 07, 2026 (GLOBE NEWSWIRE) -- iFAST Global Bank ("the Bank") today announced the launch of SEPA (Single Euro Payments Area) payment capabilities for its Multi-Currency Current Account under the Digital Personal Banking division. This integration enhances the Bank's cross-border payment infrastructure, enabling customers to send and receive Euro (EUR) transfers instantly*, with immediate settlement of funds.
Transactions can be made to and received from SEPA Instant participating banks located within the 41-country SEPA zone. By joining the SEPA network, iFAST Global Bank provides its global customer base with direct access to the European common currency market. According to the European Payments Council, SEPA makes it as easy and convenient for customers to make payments across Europe with one payment account and one card as it is in their home countries.
Simon Lee, General Manager of Digital Personal Banking at iFAST Global Bank said: "With the launch of SEPA Instant Payments, we have further expanded our 'Banking without Boundaries' proposition for payments to and from the SEPA zone. Whether our clients are actively travelling, or managing international wealth, these enhancements ensure that moving and growing their Euros is instant, secure, and cost-effective."
To further maximise value for customers transacting within the SEPA zone, iFAST Global Bank has also raised its EUR interest rates across both current account balances and fixed deposits. Customers can now optimise their cash with instant-access returns or lock in guaranteed yields through flexible tenors ranging from 1 to 24 months.
Enhanced EUR Interest Rates:
- EUR Current Account Balances: Increased from 1.00% AER to 1.25% AER (Instant Access)
- 1-month Fixed-Deposit: Increased from 1.30% AER to 1.50% AER
- 3-month Fixed-Deposit: Increased from 1.60% AER to 1.80% AER
- 6-month Fixed-Deposit: Increased from 2.00% AER to 2.20% AER
- 12-month Fixed-Deposit: Increased from 2.10% AER to 2.30% AER
- 24-month Fixed-Deposit: Increased from 2.20% AER to 2.40% AER
The SEPA Instant Payment feature is now live on the iFAST Global Bank mobile app and website, allowing customers to make Euro payments at a transparent rate of £0.20 per outbound transaction.
About the Multi-Currency Current Account
As a licensed UK bank authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and PRA, iFAST Global Bank offers deposits protected up to £120,000 under the Financial Services Compensation Scheme with:
- Access to 9 currencies: Hold, receive, and manage balances across GBP, EUR, USD, HKD, JPY, SGD, CNY, AED & CHF
- Interest on everyday balances: Earn 2.65% AER (Variable) on GBP, and 1.25% AER (Variable) on EUR current account balances^. Working capital sitting in the account continues to generate returns without requiring funds to be locked.
- Fixed term deposits: For customers with longer-term horizons, fixed term deposits offer up to 4.30% AER on GBP balances, and 2.40% on EUR balances #.
*Subject to the beneficiary bank's availability.
^Interest rates are variable on currencies and subject to change.
Fixed Term Deposits are subject to a fixed deposit term. T&Cs apply.
About iFAST Corporation & iFAST Global Bank
iFAST Corporation is a global digital banking and wealth management platform, with assets under administration of S$32.64 billion as at 31 March 2026. Established in 2000, it operates in Singapore, Hong Kong, Malaysia, China, and the UK. iFAST Global Bank is a fully licensed UK bank, offering multi-currency deposits, payment services, and remittance solutions. Regulated by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), the Bank is a direct member of the Bank of England Faster Payment Scheme, Clearing House Automated Payment System (CHAPS) and SWIFT. iFAST Global Bank is also a member of the Financial Services Compensation Scheme (FSCS) where eligible deposits are protected up to £120,000 for each customer.
iFAST Global Bank was recently recognised as the "Best Consumer's Choice - Highly Commended" at the Moneyfactscompare.co.uk Awards 2026. In recognition of its innovative practices in global digital banking services, the Bank was honoured with the "Best Newcomer" award at the British Bank Awards 2025 hosted by the UK's leading financial review platform Smart Money People.
For more information, visit www.ifastgb.com and www.ifastcorp.com
Media Contact:
Rachelle Au-Yeung | rachelle.auyeung@ifastgb.com / ir@ifastfinancial.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6525389b-0755-49a4-a853-bcf710063aca
