Speeding up payments

Overview

At Currencycloud, we take an agile approach to product development to deliver ongoing improvements within our payments platform, ensuring these improvements align with your priorities.

Conversations with you – the Currencycloud community – help define those priorities. You’ve told us that:

  1. Speed of payment is crucial to you (second only to system reliability and availability)
  2. We need to move cross border payments quicker for you​​

We love a challenge. Which is why we made it our mission in 2018 to offer you same day payments across the board. We’ll be honest – there’s still more to do, but we’re really proud to share with you the amazing progress we’ve made so far:

How you’ll benefit

  • Funding appears in near real time. We think this is massive. To instruct payments quickly, you need funds available in your Currencycloud account. As soon as we’ve received notification from our banking partners they’ve been received, those funds are yours to manage and pay away.
  • Payments are instructed continuously. We’ve made hundreds of incremental internal process changes and expanded our global banking network to get your payments out in double time.
  • A whopping 88% of payments now same day. That’s across 24 T+0 currency routes (17 SWIFT and 7 local), and up over a third from 62% in 2017. We’ve got more local improvements coming before year end. Watch this space.

New delivery and cut-off times

All changes below are also available on the Payment Timelines page.

SWIFT payments

Currency Previous New and improved
BGN T+1 before 14:00 T+0 before 08:30
CHF T+0 before 09:45 T+0 before 10:30
CNY T+2 before 16:30 T+1 before 09:00
CZK T+1 before 16:30 T+0 before 09:00
DKK T+1 before 16:30 T+0 before 10:30
EUR T+0 before 14:00 T+0 before 14:30
GBP T+0 before 14:00 T+0 before 16:30
HRK T+1 before 14:00 T+0 before 08:30
HUF T+1 before 16:30 T+0 before 09:00
MXN T+1 before 14:00 T+0 before 09:00
NOK T+1 before 16:30 T+0 before 10:30
RON T+1 before 16:30 T+0 before 09:00
SEK T+0 before 09:45 T+0 before 10:30
THB T+2 before 16:30 T+1 before 09:00
TRY T+1 before 16:30 T+0 before 09:30
UGX T+2 before 16:30 T+1 before 09:00
ZAR T+0 before 09:45 T+0 before 10:30

Local payments

Currency Previous New and improved
AUD T+3 before 12:00 T+2 before 13:30
CZK T+2 before 16:30 T+1 before 08:30
DKK T+1 before 16:30 T+0 before 08:30
EUR T+1 before 14:00 T+0 before 12:30
GBP T+0 before 14:00 T+0 before 15:30
HUF T+2 before 16:30 T+0 before 08:30
MXN T+3 before 16:30 T+1 before 08:30
NOK T+1 before 16:30 T+0 before 10:30
PLN T+1 before 16:30 T+0 before 09:30
SGD T+3 before 12:00 T+2 before 08:30

Other changes  

To ensure we are conforming to changes made by our banking partner network as well as delivering the most efficient transfer process, we have also made the following changes to delivery time and cut-off rates:

SWIFT payments 

Currency Previous New
PLN T+0 before 09:45 T+0 before 09:30

Local payments

Currency Previous New
HKD T+0 before 12:00 T+1 before 08:30
SEK T+2 before 16:30 T+2 before 16:30
This will be improved to T+0 before 10:30 in December 2018

* All times are in local UK time (GMT or BST).

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