Lydia has chosen instant payment as the standard for bank transfers: When it is possible, Lydia initiates your transfer using instant payment technology. And it's totally free for all Lydia users.

Conditions for sending an instant transfer

Users don't have to follow a specific process in the application, nor to select an option to make an instant transfer. They are instant by default for all customers whose identity has been verified by Lydia (to obtain it, click here from a cell phone).

In certain cases or under certain conditions, bank transfers are necessarily initiated in the traditional way (credit effective within 2 to 3 working days):

• If the receiving bank is not compatible with instant payment technology or use TARGET Instant Payment Settlement (TIPS) service. To find out more, the user can consult the website of the bank concerned or contact the bank;
• If the type of receiving account is not compatible with instant payment technology. This may be the case for accounts that are not current accounts, such as Livret A accounts;
• If the interbank platform for processing flows, on which instant payment technology is based, is temporarily out of service or undergoing maintenance;
• If the risk profile of the Lydia user initiating the transfer is deemed too high by our transaction security department.

Confirmation of instant transfer processing

To find out if a transfer has been instant, and if the user has chosen to receive our transactional e-mails for the amount concerned, simply refer to the confirmation e-mail sent by Lydia. It clearly states how long it will take to credit the recipient's account, and if the transfer is instant or classic.

If the user has chosen to activate Lydia push notifications, Lydia doubles the transfer confirmation e-mail with a push notification as soon as it is instant.

Users can then download a transfer receipt from their history by opening the relevant transaction and clicking on "Request proof of transfer".

Lastly, if the recipient account is the user's own account, they can view their up-to-date transaction history or account balance in their online banking space or on their mobile application. Some banks also notify their customers by SMS when they receive an instant transfer.