The integrated swift payments system

Swift payment systems and Currencycloud

You can integrate the security and efficiency of Swift payment systems into your offering and business with the added benefits of Currencycloud’s cross-border solutions.

Currencycloud and Swift gpi

Our Swift payment system, utilizing Swift gpi, provides visibility across the entire cross-border payment journey, with continuous tracking throughout. Every Swift payment is allocated a UETR (unique end-to-end transaction reference) which records all the events across that Swift payment and enables gpi members to track those events. Think of it as working like a parcel tracking system, pinpointing where funds are every stage of a transaction.

Swift gpi members, and their clients, benefit from:

Payment Visibility

Seeing where a payment is at any point in the network at any time.

Charges Transparency

Knowing who has deducted what amount from the principal at what point in time.

Payment Certainty

Knowing when a payment is actually credited to the beneficiary bank account.

Speed

Relying on fast processing speed that’s ensured by service level agreements.

Swift Cross‑Border Payments

Currrencycloud’s Swift cross-border payments:
Currencycloud brings visibility to any fees deducted during a cross-border Swift payment, and insight into how long the transaction is taking.
As every payment has different needs, flexibility when making payments is key for any business. Sometimes, having the funds arrive in full is what’s important. Other times, getting the funds to the beneficiary quickly is what matters most. Currencycloud gives businesses choice when it comes to managing the intermediary bank charges associated with the priority (Swift) payments.

Swift Payment Charge Types

Priority payments are sent via the SWIFT gpi network, intermediary bank charges apply. You choose if the payer or yourself handles the payment.
Currencycloud gives businesses choice and control over their domestic and international payments. Businesses can send payments seamlessly in 36 currencies to over 180 countries worldwide.

Payment Guides

Charge types:

Shared (SHA)

The intermediary bank charges are deducted from the payment amount.

Ours (OUR)

The intermediary bank charges are covered by the payer and not deducted from the payment amount.

How The Swift
Charge Types Work

Currencycloud’s clients have a house account which is set up for SHA and OUR. Clients can set a default option if they wish. When they make a payment, they simply select the required charge type.

Priority Payments

Are sent via the Swift payment network. When a payment is sent via Swift, intermediary bank charges apply. Currencycloud allows the payer to decide if they want the charges to be deducted from the payment amount or not.

Swift – The Priority Service

Payments arrive faster – T=) to T+1 delivery
Pay any amount – without limits
Select different payment charge types when handling corresponding banking fees associated with Swift payments.
Payments are in the payer’s name.
Payments made in error can be cancelled.

Local Collections

With Currencycloud’s local collections businesses can transact like a local, globally. Receive funds from customers via Swift, then collect and hold 32 currencies with ease. Businesses can then convert these funds back to the required currency at competitive rates, on their own terms.
It is a simple and cost-effective way of collecting money globally. Currencycloud’s local collections service removes the complexities, inefficiencies, and expense of traditional cross-border payments. It’s easy to integrate with an existing solution.

Collect

Collect funds in 32 currencies from 180+ countries and territories.

Access

Access competitive FX rates to convert the funds received back to the required currency.

Trust

No need to pass on costs as funds arrive in full.

Secure

Move money globally via Swift payments knowing you’re using a trusted system.

Happy Customers

Businesses can provide a better experience for their own customers by giving them a better way to be paid.

Transparency

With Swift gpi payment tracking you’ll always know exactly where your money is, and where it’s going.

Global

Work freely and expand as you need. It’s our mission to help connect you to the rest of the world.

Controlled

You set the payment route and currency, giving you complete control and visibility of payment fees.

How It Works

Currencycloud provides businesses with the correct account details to pass to their customers (senders) telling them where to send their money.

Helping Businesses Take Control Of Their Money and Grow Using Swift

Currencycloud provides Swift tracking capabilities to our clients through an API, allowing our clients to track their customers’ cross-border payments directly, or pass the service onwards to their own customers so they can track their payments themselves.
After the introduction of Swift gpi, 60% of failed payments made through Currencycloud are traced and resolved in less than one day, often in minutes. This means Currencycloud’s clients can directly ensure their customers’ money continues to flow and that trading continues with less friction.

How Currencycloud’s Clients Are Benefitting From The Swift Payment System

Money Mover: Swift Gpi Revolution

Resolving levels of friction is key to establishing trust between payer and payee, especially in a global economy.

Founded in 2014, Money Mover empowers businesses to make seamless, robust and transparent global payments and international money transfers. Its online platform offers its SME clients global payments functionality. Money Mover uses Currencycloud’s API as its payment service provider and was an early adopter of the Swift gpi payment tracking solution Currencycloud provided. Before Swift gpi there were areas where it was hard for Money Mover to be specific and detailed about where the funds were in the network. With Swift gpi Money Mover can offer targeted visibility to their customers as a self-service proposition.

Penta: Swift Gpi Revolution

Currencycloud client, Berlin-based Penta is a digital bank account for SMEs and start-ups which has used Swift gpi since 2020. Lukas Zörner, Chief Product Officer at Penta has said, “Swift gpi has been a game-changer for us. We are delighted to be able to pass on the benefits directly to our clients. Lost or delayed payments are a huge problem for our SME customers and can really hamper business growth. This will remove a massive concern for these businesses moving forward.”

Stay Global With Cross-border Swift Payments

Currencycloud cross-border payments: giving businesses have a world of choice.

Currencycloud supports more than 30 currencies, enabling our clients to send payments in 31 currencies via Swift and 19 currencies via local routes. We’re already connected to 21 local systems via pre-established banking partnerships, giving our clients instant access to SEPA, ACH, Faster Payments and more.

The international Swift payments system with Currencycloud significantly enhances the cross-border payments experience. Clients benefit from an increase in speed, transparency, and predictability of payments – no matter where they originate or are going.

Create Your
Embedded
Finance
Ecosystem

Enjoy easy international transactions with the best exchange rates along the way. Get in touch for a personalized discussion on how you can leverage our cross-border platform to drive international business, the way it should be.