Your Freemarket account does allow you to send and receive money. This may be a pooled account or vIBAN account that accepts payments or makes payments to the beneficiaries. You may start to make payments right away by setting up an account and confirming payments on it.
A variety of online payments can be made using your Freemarket account, but they must be within our risk tolerance and not breach sending or receiving funds to or from countries where we do not have support. Being a regulated company, we take this seriously and update it frequently. Our operations team occasionally blocks specific payments that violate this.
How you want to send a payment may differ, by which scheme and channel, this could be SWIFT, SEPA, FPS and so on. Each payment has different costs, receipts (transaction message) and reporting.
- SWIFT: this is used to send or receive international payments via the SWIFT payment network.
- SEPA: SEPA stands for Single Euro Payments Area and it's a payment type used to transfer euro within the EEA.
- SEPA Instant: allow you to send 100,000 per transaction, they are available 24/7, 365 days a year, and take no more than 10 seconds to reach payee’s account from the payer’s.
- FasterPayments: for the majority of UK-based payments Faster Payments is in place for bank-to-bank payments and designed to speed up the process of sending money. It has a limit in place of £1m per transaction.
- Target2: is the real-time gross settlement (RTGS) system with payment transactions being settled processing euro payments.
If more funds are required for the payment in the platform, add them to generate a new payment. By navigating to the add funds area towards the top of the page's main menu, you may add funds to your account. Choose the currency of the funds you want to use for the payment from the add funds page, and the necessary bank information will then show up. After the funds have arrived in your account and are available for allocation, you will get an email confirmation.
After you have the funds, establish a new payment to continue, go to the transactions page, choose the beneficiary of the money (the beneficiary information will appear if it has already been used), and authorise the payment.