Payment Schemes

A payment scheme is a set of rules that Payment Service Providers(PSP) have agreed upon to execute transactions through a specific payment instrument (such as credit transfer, direct debit, card, etc).

Please see the below table for payment schemes supported on Fincra.

Payment SchemeCurrencyAPI ValueSettlement Time
SWIFTMCYswift1-2 business days
FPSGBPfpsWithin an hour
CHAPSGBPchapsWithin an hour
SEPAEURsepaWithin 1 day
SEPA INSTANTEURsepa_inst20 seconds

Please Note
CHAPS payments can be sent between 08:00 – 17:00 Monday to Friday (excluding UK public holidays).

Currency: This refers to the destination currency.

Payment Scheme: This is the valid payment scheme used in the beneficiary region.

API Value: The accepted value of the payment scheme that is to be sent in the API request.

When do you need a payment scheme? When making payments to bank accounts in the currencies specified in the table, you will need a payment scheme