diff --git a/app/Models/PaymentType.php b/app/Models/PaymentType.php
index 4370b32171..3a28863def 100644
--- a/app/Models/PaymentType.php
+++ b/app/Models/PaymentType.php
@@ -53,6 +53,7 @@ class PaymentType extends StaticModel
     const DIRECT_DEBIT = 42;
     const BECS = 43;
     const ACSS = 44;
+    const INSTANT_BANK_PAY = 45;
 
     public static function parseCardType($cardName)
     {
diff --git a/database/migrations/2021_11_11_163121_add_instant_bank_transfer.php b/database/migrations/2021_11_11_163121_add_instant_bank_transfer.php
new file mode 100644
index 0000000000..15a2ba3ff6
--- /dev/null
+++ b/database/migrations/2021_11_11_163121_add_instant_bank_transfer.php
@@ -0,0 +1,26 @@
+<?php
+
+use App\Models\GatewayType;
+use App\Models\PaymentType;
+use Illuminate\Database\Migrations\Migration;
+use Illuminate\Database\Schema\Blueprint;
+use Illuminate\Support\Facades\Schema;
+
+class AddInstantBankTransfer extends Migration
+{
+    /**
+     * Run the migrations.
+     *
+     * @return void
+     */
+    public function up(): void
+    {
+        $type = new PaymentType();
+
+        $type->id = PaymentType::INSTANT_BANK_PAY;
+        $type->name = 'Instant Bank Pay';
+        $type->gateway_type_id = GatewayType::INSTANT_BANK_PAY;
+
+        $type->save();
+    }
+}