Society for Worldwide Interbank Financial Telecommunication– SWIFT and SEPA- Single Euro Payments Area are facilitating payments within Europe and worldwide. So the benefits of it are far extending. Especially, for merchants dealing without borders, it is a blessing. Also payments industry is evolving. Therefore, existence of SWIFT and SEPA can make your life even easier.
SEPA provides payments in Euros with no restriction on the amount and within the Eurozone. In this the recipient’s account number is required to be in the IBAN format. And SWIFT is the global leading messaging system that banks and other financial institutions use.
So, whether you operate within Europe only or across the world, SWIFT and SEPA can be the true savior! Restricting business due to lack of payment solution is a thing of the past. Payment solutions are wide reaching with the globalisation trends.
SWIFT provides a network that enables financial institutions worldwide. It sends and receives information about financial transactions in a secure, standardised and reliable environment. SWIFT also sells software and services to financial institutions. Also much of it for use on the SWIFTNet network, and ISO 9362. Furthermore, business Identifier Codes (BICs, previously Bank Identifier Codes) are popularly known as “SWIFT codes”.
SEPA is a payment-integration initiative of the European Union for simplification of bank transfers denominated in euro. As of 2019, there were 34 members in SEPA. It consists of the 28 member states of the European Union, the four member states of the European Free Trade Association (Iceland, Liechtenstein, Norway and Switzerland) and two more. Some countries participate in the technical schemes: Andorra, Monaco, San Marino, and Vatican City.
Processing payments across borders can be troublesome. More importantly for high-risk merchants. With payment processing assistance like PurePay, payment processing gets easier. PurePay helps you to have high risk merchant accounts for people using SWIFT and SEPA.
Therefore, we thrive to grow together. Join the family now!