Global Payments Hub

A SWIFT code is a standardized 8 or 11-digit Bank Identifier Code (BIC) used worldwide to make secure payments between banks as international wire transfers, SEPA payments within the EU, and other international money transfers. SWIFT includes three or four subcodes for the bank, country, location, and (optional) branch.

The global payment process begins when a payment is made to a supplier, vendor, publisher, or other affiliates whose bank account is outside of the country in which your business operates. Traditionally, global payments processing requires inputting data into multiple bank portals and are accompanied with expensive fees and costly overhead. When processing global payments to a supplier in a foreign currency, you may also endure heavy conversion fees if you don’t partner with a cost-friendly global payments processor.

In the simplest possible terms, a payment rail is any form of digital infrastructure that transfers money from one individual or business to another. The fintech community refers to payment rails as being on “the far side” of a payment transaction

Making global payments comes with multiple benefits, including improved vendor and supplier relationships, and the ability to negotiate pricing discounts. Identifying which global payments to make can be confusing at first. For example: Did you know that if you or your payee is part of the Single Euro Payments Area (SEPA), you’re qualified to make Global ACH

An international wire transfer is a service offered by almost every bank. It’s a transaction that allows you to send a certain amount of money from your bank account to a recipient’s bank account, anywhere else in the world. If you plan on using your bank to send an international transfer, it’s important to understand what SWIFT is and how it works.

You want to integrate as seamlessly as possible with existing accounting and ERP systems. However there are many key steps along the supplier payment process that still require significant manual effort beyond sending out payment instructions to the transfer API for bank, ACH, and wire services.