What is an Immediate Interbank Payment (IIP)?
Normal beneficiary payments to other banks take 24 to 48 hours to go through. An IIP is a payment to a beneficiary that goes through immediately.
Please note:
- An IIP costs more than a normal payment (see ‘Charges’ for IIP costs).
- The exact time that an IIP arrives in your beneficiary's bank account will depend on their bank, not on Absa.
- IIPs to new beneficiaries or for once-off payments are always delayed by 1 hour.
- Not all banks accept IIPs.