Pay By Bank
Core concepts
Payment types
Payment types represent the different ways money can move from one party to another.
In the EMEA region, you have access to several payment types. These are divided into three main categories, represented by the following values in our Pay by Bank:
| Payment Type | Description | API Enums | Payment scheme |
|---|---|---|---|
| RTP | Real-time Payments (Instant) | FASTER_PAYMENTS, SEPA_INSTANT_CREDIT_TRANSFER | Faster payments, SEPA instant credit transfer |
| LOW_VALUE_RETAIL | Low-value Retail Payments | SEPA_CREDIT_TRANSFER, BACS | SEPA credit transfer, BACS |
| HIGH_VALUE_BUSINESS | High Value Business Payments | CHAPS | CHAPS |
- Real-time Payments: Payment solutions that process and settle financial transactions in real-time, typically within seconds, without any waiting period.
- Low-value Retail Payments: High-volume, low-value transactions mainly conducted by individuals or businesses for day-to-day expenses. These payments are usually processed in batches, not in real-time.
- High-value Business Payments: Large-sum transactions that are typically exchanged between banks or financial institutions.