After a B2B payment is initiated, we run some automated and manual checks in the background, as follows:
If the third party is known, the payment goes through automated screening procedures to ensure it is compliant.
If the payment involves a new third party, extra checks are done by BVNK to approve or reject the third party.
Time to process
The payment is then processed in seconds or up to a couple of days. Check out more details on: What are the settlement times for SEPA Credit, SEPA Instant, CHAPS and Faster Payments?