Multi-Currency Account
A multi-currency account holds and transacts in several currencies from a single account, letting a business receive, hold, and pay out in each without a forced conversion on every transaction. It typically provides local receiving details in the main currencies it supports.
A business paid in several currencies but banking in one loses roughly 1-3% to conversion on every inbound and outbound transaction, which on cross-border volume compounds fast. Holding balances natively in your main currencies keeps that margin instead of handing it to an FX spread.
An IBAN is the standardised format for identifying a bank account across borders, encoding the country, bank, and account number in a single string.
SWIFT is the global messaging network banks use to instruct cross-border wire transfers; SEPA (Single Euro Payments Area) is the EU scheme for standardized euro transfers between member-state banks, typically same-day or next-day.
Settlement is the transfer of cleared transaction funds from the card network or payment rail into the merchant’s bank account, net of fees, chargebacks, and any reserve withheld.
An Electronic Money Institution is a regulated entity, licensed separately from a bank, authorized to issue e-money and provide payment accounts and services.