A same-day cleared payment is a payment to the nominated bank account of another party that cannot be revoked, dishonoured or reversed.
SCPs are commonly used for major purchases, such as property settlements, vehicle purchases, or other large value transactions where the person receiving the payment requires a confirmed payment that business day.
The person receiving the payment has surety of payment knowing that it will not subsequently be dishonoured for lack of funds.
The payment will be credited to the account number provided usually within one hour of the payer’s account being debited.
If requested, an email notification can be sent to the person receiving the payment confirming that the funds have been credited to their bank account.
Things to keep in mind
A same-day cleared payment can be arranged by contacting your bank. You can make a same-day cleared payment online at some banks.
You must have sufficient funds in your account before the same-day cleared payment is made.
If you receive a same-day cleared payment you will be able to use the funds immediately.
Same-day cleared payments cannot be revoked, dishonoured or reversed and are available for immediate use.