Payment services

We have a number of ways to help you make and receive payments quickly, efficiently and securely – in the UK or internationally.

UK payments

• CHAPS (Clearing House Automated Payments System) – guaranteed payments are transferred between UK banks on the same day. Payments must be accepted by us by 3.30pm, otherwise the transfer will take place on the next working day.

• Faster Payments Service (FPS) – a new system which speeds up the way electronic payments are made and received in the UK. As a business customer, you can make almost real time payments (usually within two hours but often within seconds) to or from your account via Online Banking.

Payments in the Single Euro Payments Area (SEPA)

SEPA Credit Transfer (SCT) – allows you to make payments easily and inexpensively to any other Single Euro Payment Area country.

CT is a cross-border, non-urgent euro payment scheme which enables the transfer of payments in euros between any of the SEPA countries, including Euro payments within the UK.

Once a bank has accepted the instruction to make the payment, the beneficiary will receive the payment within three working days.

Cynergy Bank and SEPA

You can make SEPA Credit Transfers through Online Banking from the following accounts:

• Business Current Accounts

• Client Accounts

• Personal Current Accounts of business customers

• Personal Current Account

How to make a SEPA Credit Transfer (SCT)

To make a SEPA Credit Transfer, simply select the ‘SEPA Credit Transfer’ drop down option from the ‘Payments’ section on Online Banking.

How to receive a SEPA Credit Transfer (SCT)

If you wish to receive payments in Euros, you should ensure that you give the remitter your International Bank Account Number (IBAN) and Bank Identifier Code (BIC), as they are mandatory for SEPA payments. This information should be included on any invoices that you issue. You can find your IBAN and BIC on your statement or the ‘Account details’ screen on Online Banking. The Cynergy Bank BIC code is BCYPGB2L.

Countries included in the Single Euro Payment Area

The SEPA Community consists of the 27 countries of the European Union:

Austria, Belgium, Bulgaria, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, United Kingdom.

As well as:

Iceland, Liechtenstein, Norway, Switzerland

SEPA relates to Euro payments only. Payments in other currencies in and outside of the SEPA community are unaffected.

Payments worldwide

SWIFT (Society for Worldwide Interbank Financial Telecommunication) – a high-speed secure international payment system to make payments or receive funds anywhere in the world.

For more information on our range of payment services, call your Business Relationship Manager or our Customer Service team.