Payments

Payment Solutions

Direct Access to local and international payment schemes in sending and receiving payments: Faster Payments UK, SEPA Credit Transfer, SEPA Credit Transfer Instant, Bacs, and SWIFT. LHV will enable you and your customers to move money locally and internationally.

Local:\ GBP (FPS, Bacs), EUR (SEPA SCT Inst, SEPA SCT, Target2 - receive).
International:\ GBP, EUR, CAD, CZK, HRK, HUF and RON.

Faster Payments UK (FPS)

The Faster Payments Service (FPS) scheme allows the 24/7 submission of GBP payments with a guaranteed delivery time for the beneficiary to receive funds in near real-time.

  • Currency – GBP
  • Jurisdictions – UK only (including Isle of Man, Guernsey, Jersey & Gibraltar)
  • Limit – £250,000 per transaction
  • The funds available with beneficiary in real time
  • No landing fees
  • Account configuration: sort code and account number
Bacs Clearing (Coming in 2021)

Bacs is a UK domestic file-based payment method available in GBP only. Bacs is widely used for direct debits, subscription and salary payments. Bacs payments take three working days to clear, and can be cancelled up until midday of day two in the processing cycle.

  • Currency - GBP
  • Incoming BACS credits to all accounts
  • Outgoing BACS debits and direct debits from all accounts (Coming in H2 2021) Jurisdictions – UK only (including the Isle of Man, Guernsey, Jersey & Gibraltar)
  • No landing fees
  • Account configuration: sort code and account number
SEPA Credit Transfer Instant (SEPA SCT Inst)

The SEPA Credit Transfer Instant (SEPA SCT Inst) scheme allows the 24/7 submission of EUR payments with a guaranteed delivery times. European SCT Inst scheme member banks and beneficiaries receive funds in near real-time.

  • Currency: EUR
  • Scheme : RT1
  • Jurisdictions: SEPA.The recipient’s bank would have to be a part of the Instant payment settlement system (link to SCT Inst member banks list)
  • Maximum transaction size €100,000
  • Transactions twenty-four hours a day, seven-days a week
  • Account configuration: EE IBAN
SEPA Credit Transfer (SCT/STEP2)

The SEPA Credit Transfer scheme allows payments to be settled across 36 SEPA zone members within Europe, as a low-cost local payment.

  • Currency: EUR
  • Scheme: STEP2 (https://www.ebaclearing.eu/services/step2-sct/participants/)
  • Jurisdiction: SEPA
  • Reaches the recipient usually the same or at latest the next working day.
  • Account configuration: EE IBAN
  • No limit to transaction value

*Payments initiated on all Target2 working days before 16.30 (EET) will reach the recipient on the same day; payments initiated after 16.30 will reach the recipient on the next business day.

Cross-border payments/International wires (SWIFT)

International transfers sent via the SWIFT international payment network to banks who are reachable over the SWIFT messaging network globally.

  • Currencies: GBP, EUR, CAD, CZK, HRK, HUF, RON
  • Jurisdiction: global, excluding sanctioned countries and banks
  • Depending on the currency, the payment will arrive in 2–5 business days
  • Expedited (up to 2 business days) and Express (up to 1 business day) payments available upon request. SHA (shared) and OUR (fees paid by remitter) payment models available
  • If the beneficiary’s bank is in the European Economic Area (EEA) and the currency of payment is the currency used in the European Economic Area, the payment cannot be executed as a Cross-border payment