What kind of payments can I make?
There are a number of different payments schemes and types of payments that you can make.
- Cross-border Payments or International Payments: a cross-border payment or international payment is sending a payment from one country to another. They are key for businesses that operate in different jurisdictions and plan to do business in new markets.
- Domestic Payment: a domestic payment within the same country where the bank and merchant’s account are registered in the same country, in most cases, the currency is the same, so no FX or Foreign Exchange is required.
Types of payment schemes
- 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.
- Faster Payments (FPS): 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.
- CHAPS: CHAPS payments allow you to make same-day, high-value electronic payments.
- BACS: is designed to operate a bank-to-bank payment scheme, payments can take up to three working days to clear.