What are Payments?
Payments are a type of electronic money transfer used to send funds between bank or e-money accounts in the eurozone. Payments are operated in the SEPA (Single Euro Payments Area) zone which includes 36 member states and covers most of Europe. CFPS offers quick Payments delivered on the same or next business day at a low flat fee of 0.5 per transaction. Incoming Payments are free of charge for all CFPS users.
What is a Global transfer?
A Global transfer is a method used by financial institutions to securely send and receive money internationally, which is operated via SWIFT. SWIFT stands for Society for Worldwide Interbank Financial Telecommunication.
It provides a network that allows member banks and financial institutions to communicate and transfer funds using a unique identification code called a SWIFT code.
As Global transfers are delivered through intermediaries rather than directly bank to bank, they can be relatively costly and can take a few business days. CFPS strives to provide Global transfers at the lowest rate and within the shortest time possible – typically from 3 to 5 business days.