What other payment systems are there besides SWIFT?

List of abbreviations for bank transfers

IBANInternational account number
The international bank account number is a unique identifier that helps banks process person-to-person payments automatically. The IBAN contains all the necessary information for the owner such as account number, bank and branch details and country code. Although no uniform length has been specified for SEPA countries, the IBAN must not exceed 34 characters. Most countries, however, have different fixed lengths. Our validator automatically recognizes the country and the length of the IBAN for an accurate validation. BBANBasic Bank Account Number
BBAN stands for Basic Bank Account Number. It represents a country-specific bank account number. The BBAN is the last part of the IBAN for international transfers. Each country has its specific BBAN format and length, depending on its own standards. There is currently no common EU or other standard that unifies the BBAN. The IBAN was introduced here to standardize international transfers. BICBank code
The sort code is an international code that banks use for financial transactions. Each bank has its own BIC. In this way, European and international payment orders are automatically sent to the right bank and branch. The BIC is also known as the SWIFT address or SWIFT code. The BIC can be 8 or 11 characters long, depending on whether it provides branch information. SEPASingle Euro Payment Area
This unique euro payments area creates an integrated European market for payment instruments. The aim of SEPA is to ensure that payments within Europe are just as easy and effective as in a single country. ECBEuropean Central Bank
The European Central Bank is the central bank of the Eurozone. It is responsible for the euro currency in the European Union. The main task of the ECB is to maintain the purchasing power of the euro and thus price stability in the euro zone. The euro area includes the 17 countries of the European Union that have been using the euro since 1999. SWIFTSociety for Worldwide Interbank Financial Telecommunication
see BIC SCTSEPA Credit Transfer
The SEPA Credit Transfer was introduced at the beginning of 2008 by the European Payment Council (see EPC). It is also known as the payment system or a set of rules for transferring money between banks in the EU. The SGT (called "European Transfer" in Belgium) is intended to replace the entire range of local, euro-denominated payment systems in Europe, both domestically and across borders. SDDSEPA Direct Debit
The SEPA direct debit (called "European Direct Debit" in Belgium) is a payment protocol that lays down a set of rules for certain payments between banks in the euro area. The SDD Core, like any other direct debit, is based on the following concept: "I ask for money from someone else, with their consent, and I attribute it to myself." The payer and the biller must each have an account with a Payment Service Provider (PSP) within SEPA. PsdPayment Services Directive
The Payment Services Directive was introduced in 2007 as a set of pieces of legislation aimed at defining payment services and payment service providers in the European Union. The main objective is to facilitate the development of the Single Euro Payments Area (SEPA), to regulate payment institutions, to ensure transparency in payment transactions and to increase competition. OHAutomated clearing house
The ACH is a type of electronic remittance network used in the United States. Similar to SWIFT in Europe, the ACH offers interbank clearing of credit and debit transactions. The electronic network ACH supports banks and financial institutions in exchanging information. CSMClearing and settlement mechanism
The clearing and settlement mechanism is a set of rules that regulates the settlement of trades. Such guidelines define how money and messages are sent in a standardized way between payment service providers. PEACHPan-European ACH
A Pan-European Automated Clearing House (PE-ACH) is an ACH that is able to process SEPA-compliant transfers and direct debits within the euro zone. PEACH is also a business platform for the provision of euro retail payment instruments and related basic services, composed of governance rules and payment practices and supported by the required technical platform (s). EBAEuro Banking Association
The EBA, founded in Paris in 1985 by 18 commercial banks and the European Investment Bank, is an industry forum for European payment institutions with over 200 banks and organizations as members. The Euro Banking Association is a key player in the creation and development of SEPA. EPCEuropean Payments Council
European banking decision-making body in the field of payments. She coordinates all activities that should lead to the introduction of SEPA. BACSBankers ’Automated Clearing System
BACS is an acronym for Bankers' Automated Clearing System. It is one of the UK's interbank remittance facilities and is used to process electronic transactions and wire transfers. Most of the things that are handled through the BACS system are direct debits and direct debits. A direct debit is an instruction from an account holder to their bank authorizing a company to withdraw various amounts of money. The direct debit procedure ensures that payments can be made regularly, securely and efficiently. They are among the most common financial transactions in the world. A direct debit is the opposite of a direct debit and is commonly used to transfer wages to employees' bank accounts. Until recently, BACS was also the system at the forefront of one-off online payments and payments over the phone. However, it was recently introduced through the Faster Payments system. The reason for this is the efficiency of Faster Payments, which is almost instantaneous. And that at any time of the day, 365 days a year. BACS payments, on the other hand, require at least 3 bank working days. Some accounts don't allow faster payments, so they still rely on BACS. CHAPSClearing House Automated Payment System
As you may have guessed, CHAPS is also an acronym; it stands for Clearing House Automated Payment System, although it is rarely referred to by its full name. CHAPS is another UK payment processing system. While anyone can use CHAPS, it is a system typically used by businesses in transactions involving large amounts of money. The use of the CHAPS systems is usually associated with a fee of 25-30 euros. CHAPS transfers are typically made within a day and are commonly used when purchasing real estate, with attorneys using the system to transfer funds between the bank accounts of the parties involved. It is also used in other high quality payment scenarios. As mentioned earlier, CHAPS is used to move funds between banks; it is used several times a day for this purpose. In order to be able to make a payment via CHAPS, you usually have to identify yourself with an ID at your bank. Before making a CHAPS payment, it is worth checking your bank's limit of faster transfers. Faster payments can typically be used for transfers of up to 100,000 and are both instant and free. This is especially true for individual users (as opposed to companies and organizations). FPSUK Faster Payments Service
As mentioned earlier, the Faster Payments service enables the general public to make payments with the funds processed and transferred almost instantly. It is regularly used by the public for payments such as invoices, standing orders, and online transfers. The system has been in operation since 2008. C&CCUK Check and Credit Clearing
As mentioned earlier, the Faster Payments service enables the general public to make payments with the funds processed and transferred almost instantly. It is regularly used by the public for payments such as invoices, standing orders, and online transfers. The system has been in operation since 2008. EFTElectronic payments
Depicts the way your company can get a direct deposit of all payments from the Commonwealth into your company account. Once you sign up, the money will come to you directly and faster than ever before. EFT is fast, secure, and means your money gets verified in your bank account faster than waiting for the mail, depositing your check and waiting for the money to become available. B2BBusiness-to-business
SCFSEPA card payments
SEPA card payments lays down high-level principles and rules that, when implemented by banks, systems and other stakeholders, enable European customers to make payments and cash withdrawals in euros across the SEPA area with the same simplicity and convenience as theirs Home country to perform. EFTAEuropean Free Trade Association
ECBSEuropean Committee for Banking Standards