Bank Payment Scheme determines the specific payment network or system utilised to process transactions within the banking infrastructure.
Understanding the Bank Payment Scheme is crucial for ensuring that transactions are processed through the appropriate networks, facilitating smooth and efficient fund transfers within the global financial infrastructure
Here is a list of supported Bank Payment Schemes:
- SEPA, SEPA_INSTANT, INTERLEDGER, SWIFT, UK_FASTER_PAYMENTS, CHAPS, FX, BACS, TARGET2, SPEI, AUS_PAY_NET, EFT, NCS, CERTIS, STRAKSCLEARING_INSTANT, INTRADAGCLEARING, CHATS, GIRO_ZRT, IMPS, NEFT, SKN, IBG, NORWEGIAN_INTERBANK_CLEARING_SYSTEM, PESONET, ELIXIR, TRANSFOND_SENT_ACH, FAST, INTERNAL_TRANSFER, RIX, FEDACH, FEDWIRE, CHIPS
Payment Scheme focuses on the payment network or system that processes the transaction, while Payment Type focuses on the method or system used for fund transfer.