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How Wirepayer Adopts fps, SEPA and SWIFT Payment Systems

Find out how Wirepayer provides consumers with currency accounts designed to streamline cross-border payments.


What is FPS? FPS is the Faster Payment Service. FPS was launched in 2008 and was the first payment network incorporated in the UK for 20 years. Supporting only Pound Sterling transactions, any financial institution, authorised payment institution or authorised e-money institution and Payment Service Provider (PSP) that is able to meet the necessary technical requirements can facilitate FPS and Wirepayer is able to do so. Providing both sender and receiver financial institutions are capable of FPS, the service will work. There is an upper limit of £250,000 however institutions can set a lower sending limit. CHAPS which has been in existence for longer is available for higher amounts.  Normally, a Faster Payment arrives within minutes, although sometimes they can take up to two hours. A Faster Payment will always be credited by the end of the following business day, assuming you’re making the payment to another bank or building society that’s also a member of FPS. By 2018 over 9 billion payments had been processed with FPS, worth a combined value of over £6 trillion; and there are now over 52 million UK account holders able to transact in FPS.  How it Works Single immediate payments: The most common type, customers initiate these payments as one-off payments, either via mobile banking, online banking, phone banking, or in branch. Payments can be sent 24 hours a day seven days a week, and the limit is usually up to £250,000 per transaction, subject to individual bank limits. Your bank will check you have enough funds before making the payment. If the bank is unsure of your identity, it will hold the payment and perform additional checks. After doing so, it will send the funds to your supplier via Faster Payments. The Faster Payments Service checks the payment instructions and forwards them to your supplier’s bank, known as the receiving bank. The receiving bank then checks that the account number is valid and informs the Faster Payments Service that it has accepted the payment (it may reject it). The Faster Payments Service then credits the receiving bank with the funds, then informs your bank that the transaction is complete. Your bank will then inform you of the payment status, Your supplier’s bank will then be credited with the funds.


What is SEPA? Wirepayer is permitted to execute SEPA payments. SEPA stands for the Single Euro Payments Area, and is a payment system in the European Union (EU) to simplify Euro payments and Euro bank transfers. SEPA is free for users in the 27 members of the EU and also Switzerland, Iceland, Norway, Liechtenstein, Monaco, San Marino, Andorra and Schengen members. Members of SEPA have to follow EU monetary rules. An outside entity may benefit from SEPA payments by opening a payment account with The Currency Account, part of Wirepayer Group. This will allow the user to benefit from receiving any facilitated currency by Wirepayer and exchanging into Euros at preferential exchange rates, in the EU, which can then use the SEPA system to make further payments within the EU such as to your personal or business bank account without additional fees often charged by banks. History of SEPA The SEPA system began operating in 2008 and by August 2014 99.9% of direct debit, 99.4% of credit transfers and 79.2% of card payments in the Eurozone were processed by SEPA. The implementation and oversight of SEPA is coordinated by the European Payment Council. At the time of implementation there were several different payment systems used in the Eurozone, with their own standards and systems, which often complicated the process of payments in Euros. When SEPA was introduced, the differences between payments in Euros, both domestic and international, were completely eliminated within the new unified system. Initially, the European Payment Council pointed out that SEPA was an innovative project and introduced a set of uniform rules and standards. How it Works A SEPA Credit Transfer is denominated in Euros. This payment is a one-time transfer of funds from one account to another using IBAN (International Bank Account Number) codes. During the payment process, a single set of financial instruments, standards and procedures is used by organizations. When a payment is made between European institutions like Wirepayer in this single system, financial institutions are required to credit the full amount of money to the recipient’s account without additional fees. Wirepayer facilitates a same-day service (subject to cut-off times). Recipient bank accounts operating in the SEPA system across internal borders make payments between individuals and businesses in the same way as domestic payments. Institutions that use the SEPA system must adhere to “strengthen the rights of consumers” – as it was initially indicated in the directive of the European Payment Council. Payment processes have become more secure, and it has become easier and faster for SEPA participants to challenge any unforeseen cases of money transfers than many other payment systems.

Click here for a full range of SEPA compatible countries


Introduction to SWIFT Wirepayer is authorised to process SWIFT payments. SWIFT stands for Society for Worldwide InterBank Telecommunication and is the most widely used form of BIC (Business Identifier Code). It's used to identify financial institutions globally. SWIFT was invented in 1973 to replace Telex communications that banks used to make international payments. The new system was intended to be faster and more secure. SWIFT is now the main system for international payments and presently SWIFT is used by 210 countries to process international transactions. How SWIFT transactions are made and received With Wirepayer you can select a wide range of countries to send money to. You will need details of the beneficiary. Typical points about the payment should be noted:

  1. Personal data will be present on associated messages between institutions in processing the payment

  2. Normally fees are charged by banks – Wirepayer looks to save clients money by removing unnecessary costs that are also likely to be non-refundable by the banks.

  3. Responsibility for the accuracy of the details reside with the client. Occasionally there are delays and messages, typically MT103’s, are used to communicate between institutions in this case.

  4. Banks could try and take foreign exchange fees if there is a currency exchange to do. This is why Wirepayer is used as a trusted e-money issuer to save clients money on foreign exchange.

  5. Typical time frames can be longer than other forms of payment like SEPA or FPS (Faster Payment System used in the UK Sterling internal market)

To receive international payments using SWIFT you will need to have:

  1. Account name

  2. Account number

  3. SWIFT code of the financial institution receiving the funds

  4. IBAN number of your account to identify the beneficiary

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