Banking Definitions

SEPA

SEPA (Single Euro Payments Area) is a payment-integration initiative of the European Union to simplify bank transfers denominated in euros. As of 2018, SEPA consists of the 28 member states of the European Union and the four-member states of the European Free Trade Association (Iceland, Liechtenstein, Norway, and Switzerland) in addition to Andorra, Monaco, San Marino, and Vatican City.

SEPA Instant

This EPC payment scheme enables euro credit transfers with the funds made available on the account in less than ten seconds at any time and in an area that will progressively span over 36 European countries.

SWIFT

SWIFT (The Society for Worldwide Interbank Financial Telecommunication) is a network that allows banks to communicate financial information securely. Most banks and building societies offer SWIFT payments for international fund transfers. SWIFT payments involve a series of banks that work together to ensure your funds are in the right place. You can think of it like making a journey yourself - if there isn't a direct flight to your destination, you might take a series of connecting flights to get there. In the same way, your SWIFT payment can end up being moved between one and three correspondent (or intermediary) banks before reaching your recipient. SWIFT payments are the most common choice for high-street banks making international payments, but they're not necessarily the cheapest or fastest option.