Frequently asked questions
What is a SEPA transfer?
A SEPA transfer (Single Euro Payments Area) is a transfer of funds in euros between two bank accounts located within the SEPA zone, which encompasses 36 European countries. There are two main types: the standard SEPA transfer (executed generally within one business day) and the instant SEPA transfer (executed generally in under 10 seconds, 24/7). Standard SEPA transfers are processed via the STEP2 system, while instant SEPA transfers go through the RT1 system. Both systems are operated by EBA Clearing.
SEPA transfers can be issued individually or in bulk, and are used for supplier payments, salaries, inter-account transfers, and client refunds alike. Memo Bank offers both types of SEPA transfer, with one notable distinction: instant transfers can exceed the EUR 100 000 threshold.
What is a treasury transfer or an urgent transfer?
A treasury transfer is an intra-group transfer: you're looking to send funds to your own companies or subsidiaries. An urgent transfer is an external transfer: you're looking to send a payment to a third party (supplier, property purchase, etc.).
Treasury and urgent transfers are generally designed for critical, high-value transactions that exceed the regulatory or technical caps of the SEPA network. For EUR transactions, these transfers go through T2, the payment system owned by the Eurosystem. Our direct connection to T2 lets our clients initiate treasury or urgent transfers in full autonomy, from their workspace and, very soon, via API.
Are Memo Bank instant transfers free of charge?
Memo Bank does not charge extra costs for instant transfers. Instant transfer is Memo Bank's recommended default option for sending euros within the SEPA area. Following the 2025 regulatory requirements on instant payments, banks and Payment Service Providers (PSPs) are legally forbidden from charging more for an instant SEPA transfer than they do for a standard SEPA credit transfer.
How do bulk transfers work at Memo Bank?
Bulk transfers enable multiple transfers to be grouped into a single operation. They are ideal for payroll processing, supplier payments, or any situation requiring the simultaneous dispatch of multiple transfers. At Memo Bank, you can create a bulk transfer from the web interface, via a CSV file or an XML file in ISO 20022 format (pain.001.001.03), or via the API.
Standard bulk transfers can process up to 5,000 transactions in a single batch. Instant bulk transfers are also available, with a limit of 100 transactions per batch. If a single IBAN in the batch is incompatible with instant processing, the entire batch switches to standard transfer.
Can SEPA transfers be scheduled in advance at Memo Bank?
Yes, Memo Bank allows you to schedule standard SEPA transfers for an upcoming execution date. You define the desired date when creating the transfer, and it will be executed automatically on the scheduled date. This feature is available both from the web interface and via the banking API or by file exchanges (EBICS, XML).
Instant transfers, by their very nature, are executed immediately and cannot be scheduled. Scheduling transfers is particularly useful for anticipating payment deadlines (salaries, rent, suppliers) and optimizing treasury management.
How does transfer approval work at Memo Bank?
Memo Bank offers a system of customisable approval rules to secure your transfers. Administrators can define thresholds above which a transfer must be validated by one or more authorised individuals before being executed. For example, you can allow an employee to issue transfers of up to 5,000 euros autonomously, and require two authorisations for amounts above this threshold.
This approval workflow is configurable directly from the banking interface. Important note: transfers subject to prior approval are always executed in standard mode (not instant), as human validation is not immediate by nature.
Can Memo Bank SEPA transfers be automated via API?
Yes, Memo Bank's banking API enables end-to-end automation of SEPA transfers. You can set up the issuance of standard and instant transfers, create new beneficiaries, and receive real-time notifications (webhooks) at each stage of the process. The API supports both single and bulk transfers. Combined with virtual IBANs, it enables, for example, a transfer to be automatically triggered when a collection is identified on a given virtual IBAN: a common use case in property management or insurance. Full API integration has never exceeded 15 days for Memo Bank clients.
Can virtual IBANs be used to facilitate transfer reconciliation?
Yes, this is one of the primary use cases for virtual IBANs combined with SEPA transfers. By assigning a distinct virtual IBAN to each client, supplier, or project, you can automatically identify the origin and destination of each transfer, without relying on the reference field. For outgoing transfers, you select the virtual IBAN from which the transfer will be issued, enabling the expense to be categorised automatically. Reconciliation errors caused by empty or incorrect references are thereby eliminated. This approach is particularly effective for businesses processing a high volume of transactions.
