SEPA and SWIFT money transfers – what is the DIFFERENCE?
Product News / 25.07.2017
Here, we enable clients to make SEPA and SWIFT transfers securely and safely through their free online account or our mobile app. However, if you are not particularly familiar with finances, you might be wondering what exactly these types of transfers mean, what’s the difference between the two and how they benefit your business.
Let’s start off with what are SEPA and SWIFT.
SWIFT – The global provider of secure financial messaging?
Banks should have a secure way for international financial communication. Here’s what is meant by a SWIFT transfer and what that is in general:
SWIFT stands for Society for Worldwide InterBank Financial Telecommunications. In brief, SWIFT is the global leading messaging system that banks and other financial institutions use. It transmits information and financial messages related to payments and transactions wordlwide.
The SWIFT messaging system is trusted for its robust security standards and high level of protection of each transaction. Thanks to SWIFT and particularly our SWIFT membership, our clients can make cross-border money transfers securely, reliably and with confidence.
SEPA – Achieving payment integrity throughout Europe?
Find below what SEPA is and what it’s meant when used as a transfer type:
SEPA is an abbreviation for Single Europe Payments Area, and it makes it possible for people and businesses to make transfers in EUR across Europe with the same convenience as they do when paying in their home country.
Currently, 34 European countries take part in the SEPA payment-integration project. This includes the European Free Trade Association and the current members of the European Union. They all embrace the main idea – to harmonise the electronic euro payments and provide simplicity, cost-effectiveness and convenience to the consumers and the business.
Now, let’s point out the differences between SWIFT and SEPA transfers:
- SWIFT enables money transfers internationally, while SEPA payments can only be made within the SEPA area.
- SWIFT transfers can be executed in various currencies and the SEPA initiative encompasses transfers in Euro alone.
Despite the differences, however, both SWIFT and SEPA share the same goal – to provide seamless, secure and reliable money transfers to people and the business, and to enhance the integrity of the increasingly dynamic system of payments.
Want to learn more about the different ways to make money transfers and accept payments through the myPOS full-service platform? Send us an email at firstname.lastname@example.org.
We will be happy to hear from you!
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