Ebury, a UK-based payments platform, announced on Tuesday the launch of an instant payments feature, allowing clients to make and receive payments immediately.

Dubbed “Ebury Instant,” the payment system can be used regardless of currency and the cut-off time that usually applies.

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However, for the instant service, both the clients need to be on the Ebury platform.

Commenting on the development, Juan Lobato, Ebury CEO, said: “Ebury Instant means international transactions which would previously have taken minutes or hours, are now immediate. Making global payments easier, faster, and more flexible is at the heart of what Ebury does.”

“This is a natural progression for us, and one we believe will make a tangible difference to our clients who are able to improve their relationships with buyers and suppliers by using the Ebury global ecosystem. Chasing payments will be a thing of the past for our clients.”

The announcement also detailed that to maintain the security on the platform, Ebury will ensure double verification before the first payment made to any new beneficiary and will screen all transactions for AML compliances.

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The company is optimistic that this instant payment transfer will help businesses to accelerate their business operations with immediate cash flow, when many are struggling with a stalled economy.

“Now more than ever, rapid access to funding is essential for companies, and will remain so over the coming weeks and months. The more agile our payments systems are, the more we can achieve in supporting our clients,” Lobato added.

Last November, Spanish banking giant Santander acquired a majority stake in the payments platform for $453 million.