We're now a member of the Single Euro Payments Area (SEPA) Credit Transfer and SEPA Instant schemes, making it even easier to receive money into your Equals Money account, with instant payments in multiple currencies. Equals Money customers using our multi-currency IBANs can receive euro payments to their account instantly, 24/7, helping our business customers to receive their money when they need it.1
More and more businesses are operating globally and need to move their money around the clock, but payments networks haven’t always kept up. In the UK we are fortunate to have an instant payments network - Faster Payments - that lets you send up to £1m, any time of the day, and your recipient gets it immediately - a service we’ve been offering our customers since 2019.
Europe has a similar scheme through SEPA, but without a central mandate, coverage across UK banks has been patchy. We’re delighted to be supporting our mission to make money management simpler by allowing our UK customers to receive euro transfers instantly whilst offering great rates to convert these payments to over 140 currencies.
Over the next couple of months we will also be moving most of our outbound euro payments under €100k EUR to SEPA Instant, allowing you to pay your suppliers, staff and customers more quickly.
Our larger Solutions and Corporate customers can also take advantage of inbound SEPA transactions from today, and we are working to enable access to bulk SEPA payments alongside our current bulk Faster Payments product.
If you think your business could benefit from using SEPA with our multi currency IBANs to collect funds, make bulk payments or use other payment services, get in touch and we will be happy to help.
1Via a subsidiary of Spectrum Payment Services (‘SPS’), a subsidiary of Equals Group PLC
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