SWIFT / SEPA
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. A business banking outside the EU usually needs SWIFT access even to move euros.
A EUR account without SEPA access, common with some offshore EMIs, forces every euro payment through SWIFT at fees roughly 10-20x higher per transaction and settlement times of 1-3 days instead of same-day. Confirming SEPA reachability before opening an account avoids a cost that only surfaces on the first real invoice run.
Correspondent banking is the arrangement where one bank holds accounts for and executes payments on behalf of another bank, usually to reach currencies or jurisdictions the first bank cannot access directly.
An Electronic Money Institution is a regulated entity, licensed separately from a bank, authorized to issue e-money and provide payment accounts and services.
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 acquirer is the bank or financial institution that processes card payments on a merchant’s behalf, settling funds from the card networks into the merchant’s account.