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 Scheme | Currency | API Value | Settlement Time |
---|---|---|---|
SWIFT | MCY | swift | 1-2 business days |
FPS | GBP | fps | Within an hour |
CHAPS | GBP | chaps | Within an hour |
SEPA | EUR | sepa | Within 1 day |
SEPA INSTANT | EUR | sepa_inst | 20 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
Updated 8 days ago