💶 SEPA / UK Faster Payments
Overview
Merchants with customers based in the UK or EU can offer their customers the option to make quick, secure bank transfer payments through SEPA / UK Faster Payments.
🇪🇺 SEPA
What is it?
SEPA (Single Euro Payments Area) is a standardized system for euro-denominated bank transfers across participating SEPA-member countries. This payment method is available to customers with euro-denominated IBANs. With SEPA transfers, customers can pay directly from their EUR bank accounts, and the funds will be settled into your designated merchant account. By default, transactions are presented in euros (€), including any applicable foreign exchange (FX) fees.
IBAN Country Code Requirement
SEPA support is determined by the IBAN’s country code (first 2 letters), NOT the user’s nationality or residence. The IBAN must be from a Eurozone country that uses EUR as its national currency.
Supported: AT, BE, CY, DE, EE, ES, FI, FR, GR, HR, IE, IT, LT, LU, LV, MT, NL, PT, SI, SK, and EUR territories
Not Supported: EU countries with non-EUR currencies (BG, CZ, DK, HU, PL, RO, SE)
For the complete list, see Supported Countries.
How does it work?
When the customer confirms their purchase, their bank initiates the payment transfer. The bank first validates the payment details (i.e. checks for correct IBAN, sufficient funds, etc). Once validated, the payment is sent through the SEPA network, where it is routed via a clearinghouse.
The clearinghouse acts as an intermediary, exchanging payment instructions between the customer’s bank and Coinflow’s bank. Once Coinflow receives confirmation of the settled funds from our banking partner, Coinflow will send the purchase amount in USDC to your merchant settlement location.
🇬🇧 UK Faster Payments
What is it?
UK Faster Payments is a real-time payment system that enables instant or near-instant bank transfers in GBP across participating UK banks. This payment method is available to customers with UK bank accounts and supports payments directly from their bank accounts to your merchant account. By default, transactions are presented in GBP (£), including any applicable foreign exchange (FX) fees.
How does it work?
When the customer confirms their purchase, their bank initiates the payment transfer. The bank first validates the payment details (i.e. checks for correct account number, sort code, sufficient funds, etc). Once validated, the payment is processed through the UK Faster Payments network.
The Faster Payments network routes the payment in real-time or near-real-time, ensuring the funds are transferred from the customer’s bank to Coinflow’s bank. Once Coinflow receives confirmation that the funds have settled, Coinflow will settle the purchase amount in USDC to your designated merchant settlement location.
SEPA and UK Faster Payments settle instantly!
Flow of Funds
Flow of Funds for SEPA or UK Faster Payments
Coinflow's Purchase Modal for UK Faster Payment
Example of the modal where the payer will link their bank account and view the purchase total in their native bank's currency.
Example of the payment recipient's details.
The payer will use their banking app to enter the payment recipient's IBAN, sort code, and the transfer amount to complete the transaction.
Payment record on the merchant dashboard after the user has completed the payment on their banking app.
Benefits
✅ Currency Presentment: Customers can transact in their native bank’s currency
✅ Higher transaction limits: Customers can make larger payments
✅ Lower transaction fees
✅ Instant Settlement
