Payment Schemes
Faster Payments (FPS)
Around-the-clock real-time GBP payments.
GBP
Currency
GBP
Transaction Limit
£1,000,000
Settlement
Instant
Jurisdiction
UK (including Isle of Man, Guernsey, Jersey and Gibraltar)
Account Configuration
Sort code and account number
Bacs
UK domestic payment method, widely used for direct debits, subscriptions and salary payments.
GBP
Currency
GBP
Transaction Limit
No limit
Settlement
Three working days, cancellable until midday of day two
Jurisdiction
UK (including Isle of Man, Guernsey, Jersey and Gibraltar)
Account Configuration
Sort code and account number
SEPA Instant Credit Transfer (RT1)
Around-the-clock, real-time EUR payments.
EUR
Currency
EUR
Transaction Limit
€100,000
Settlement
Instant
Jurisdiction
SEPA (The recipient's bank would have to be a part of the Instant Payment Settlement System)
Account Configuration
EE IBAN
TARGET Instant Payment Settlement (TIPS)
Enhances the coverage of around-the clock real-time payments.
EUR
Currency
EUR
Transaction Limit
€100,000
Settlement
Instant
Jurisdiction
Eurosystem
Account Configuration
EE IBAN
SEPA Credit Transfer (STEP2)
Enables payments across all Eurozone.
EUR
Currency
EUR
Transaction Limit
No limit
Settlement
Same or next working day
Jurisdiction
SEPA
Account Configuration
EE IBAN
Indirect Scheme Access
Gain indirect access to GBP and EUR payment schemes through a fully white-labelled experience that is invisible to your end customers. With complete control over your account infrastructure, you can deliver a comprehensive banking experience by issuing account numbers with unique sort codes, BICs, or generating country-specific IBANs. Our indirect scheme access opens doors to a full range of payment schemes, including SEPA Direct Debit (SEPA DD).
Confirmation of Payee (CoP)
An additional layer of security, Confirmation of Payee (CoP) ensures payments reach the right recipient by verifying payee details. Our CoP solution enhances transaction security and reduces fraud risks.
CoP works by matching the account name entered by the payer with the account details held by the payee’s bank, significantly reducing the chances of misdirected payments. Customers are alerted if there is a mismatch, giving them a chance to verify or correct details before completing the transaction.
Effortless to integrate, CoP works smoothly with existing payment schemes, ensuring minimal disruption. By guaranteeing that funds reach the intended recipient, CoP offers customers greater confidence and peace of mind, minimizing errors, potential financial loss, and enhancing overall satisfaction and loyalty.