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Core concepts

Payment types

Payment types represent all the different mechanisms by which money can be moved from one party to another.

In the EMEA region, you have different types available, which are divided into three main categories represented by the following values in the Pay-by-bank API:

Available payment types

Payment types available using Pay by Bank UK and EU
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.