Whats The Difference Between “Regular” and “Priority” Payments
When sending international payments with Rutland FX, choose between Regular and Priority options. Learn the key differences in speed, tracking, and potential fees to find the best fit for your needs.
Two-Factor Authentication (2FA) for Online Payments
Starting from 21 October 2024, some outbound payments made via our online platform may require Two-Factor Authentication (2FA). This additional security step will help ensure your payments are processed safely and securely.
Fed Cuts Rates by 50 Basis Points; GBP/USD Breaks 1.33
The U.S. Federal Reserve cut its target range for the federal funds rate by 50 basis points, marking its first reduction since 2020, while the Bank of England kept rates steady at 5%. The GBP/USD exchange rate climbed above 1.33.
What is a Roll to Forward Order?
A "Roll to Forward" order allows you to extend the settlement of a foreign exchange contract, such as a spot trade to a future date.
How Labour’s Spending Cuts and Tax Rises Could Impact the Pound
If Labour implements spending cuts and tax rises, these measures are likely to be deflationary, reducing the amount of money circulating in the economy. This reduction typically strengthens the pound, as lower inflation generally leads to a more stable and attractive currency.
Fed Signals Shift at Jackson Hole, GBP/USD Hits 2.5-Year High
The British pound has surged to its highest level against the U.S. dollar since March 2022, reflecting a significant shift in monetary policy dynamics as the Federal Reserve signals a clear change in its stance at the Jackson Hole Economic Symposium.
Bank of England Cuts Interest Rates to 5%
The Bank of England has reduced interest rates to 5% for the first time since 2020, with a majority vote of 5-4 to reduce the Bank Rate by 0.25 percentage points. Four members preferred to maintain the rate at 5.25%.
What is Cash Management?
Cash management refers to the process of collecting, managing, and optimising cash flows to ensure that a business has sufficient liquidity to meet its obligations and operate efficiently.
Visa Global Services Inc. – Terms of Use Update
As we integrate new capabilities following CurrencyCloud's acquisition by Visa, some solutions are transitioning to Visa Global Services Inc. Learn how these changes affect your USD services and what steps you need to take.
What Does RTGS Mean in Payments?
RTGS stands for Real-Time Gross Settlement. It's a system used for the continuous, real-time settlement of fund transfers individually on an order-by-order basis. This means that transactions are settled as soon as they are processed, making RTGS one of the fastest methods of transferring money.
Understanding the Cross-Border Payments Industry
The cross-border payment industry is arguably one of the most important components of the global economy. It facilitates the movement of funds across international borders, enabling the exchange of goods and services, supporting international trade, and fostering global economic integration.
UK Inflation Remains at Bank of England’s 2% Target
Today, the ONS released the June inflation data, revealing that the Consumer Price Index (CPI) remained at 2% for the second consecutive month, higher than analyst expectations of 1.9%. Services CPI increased by 5.7% year-on-year, and the pound rose marginally following the news.
GBP/USD Exchange Rate Climbs Amid Falling US Inflation
The recent U.S. inflation data, as reported by the U.S. Bureau of Labor Statistics, shows a continued decrease in the headline Consumer Price Index (CPI), which fell to 3% in June 2024.
What is a CLABE Number?
A CLABE number (Clave Bancaria Estandarizada) is a standardised 18-digit number required for both international and domestic transactions in Mexico. It functions similarly to an IBAN or an account number in the UK.
What is a Leading Indicator?
Leading economic indicators are metrics that predict future economic activity. Unlike lagging indicators, which confirm trends after they have occurred, leading indicators give insights into where the economy is headed.
What is Stagflation?
Stagflation refers to a situation where an economy experiences slow or no growth (stagnation) while simultaneously facing high inflation. This unusual combination creates a conundrum for economic policy because measures to combat inflation often exacerbate stagnation, and vice versa.
What is “NEFT” for Payments to India?
NEFT stands for National Electronic Funds Transfer. It is a nationwide payment rail that allows the transfer of funds from one bank account to another. Managed by the Reserve Bank of India (RBI), NEFT enables individuals, firms, and corporations to transfer money between banks.
What is an MT199
An MT199 is a free-format message used within the SWIFT network. Unlike other specific MT messages, which are designed for predefined transactions, the MT199 allows banks and financial institutions to communicate freely about any topic related to financial transactions.
How the New Labour Government Could Affect the Pound
Sir Keir Starmer enters Downing Street as Labour’s first Prime Minister in 14 years after a landslide victory at the general election. Securing 412 seats on Friday, the 5th of July, this historic win marks a significant shift in the UK’s political landscape.
Constant Currency Explained
Constant currency is an approach used by companies to eliminate the effects of exchange rate fluctuations when comparing financial performance over different periods.
COT Reports – How to Interpret Them
The Commitment of Traders (COT) report, published weekly by the Commodity Futures Trading Commission (CFTC), offers a comprehensive overview of the positions held by different types of traders in futures markets, including the foreign exchange (FX) market.
UK Economy: What Treasuries Can Tell Us
Understanding the UK economy involves interpreting financial instruments like government bonds known as gilts. Their yields and yield curves provide insights into economic expectations and potential shifts in monetary policy.
What is “IBG” for Payments to Malaysia?
When sending domestic and international payments to Malaysia in Malaysian Ringgit (MYR), one of the most utilised payment systems is IBG, short for Interbank GIRO. Facilitated by Bank Negara Malaysia, the central bank of Malaysia.
What is a Natural Currency Hedge?
A natural hedge occurs when a company structures its operations or finances in a way that naturally offsets the currency risk without using complex financial instruments. This involves aligning cash inflows and outflows in the same foreign currency.
What is Correspondent Banking?
Correspondent banking is a system that allows banks to make international payments even when they don't have a branch in the country where the payment needs to go. It works through relationships between banks around the world.
What is a Payment Rail?
Payment rails are fundamental to how money moves between banks, financial institutions, and other entities. They serve as the underlying infrastructure or networks that facilitate the execution and settlement of transactions securely and efficiently.
The Future of Cross-Border Payments
As financial services continue to evolve, one significant trend is the push towards more transparent pricing models. Regulators worldwide are increasingly focused on ensuring that consumers are fully informed about the costs associated with financial transactions, including cross-border payments.
What is “CHATS” for Payments to Hong Kong?
When making international payments to Hong Kong in Hong Kong Dollars (HKD), CHATS (Clearing House Automated Transfer System) offers a real-time, electronic fund transfer system as a local payment route alternative to SWIFT.
What is Confirmation of Payee (COP)?
Confirmation of Payee is a security process that helps verify the recipient's name against the account details provided by someone making a payment. When you attempt to make a payment, CoP checks the name you've given for the account you are paying against the name held by the bank for that account.
What is “FAST” for Payments to Singapore?
When making international payments to Singapore in Singapore Dollars (SGD), one commonly used payment route is FAST (Fast and Secure Transfers). FAST is managed by the Association of Banks in Singapore (ABS) and provides an efficient and secure way to transfer funds within Singapore.
What is PESONet for Payments to the Philippines?
PESONet, or the Philippine Electronic Fund Transfer System and Operations Network, is a domestic interbank payment system designed to facilitate electronic fund transfers within the Philippines.
What is SKNBI?
When making payments to Indonesia in Indonesian Rupiah (IDR), SKN (Sistem Kliring Nasional) is a payment route facilitated by Bank Indonesia, enabling efficient and secure transactions to and within the country.
Bank of England Keeps Rates at 5.25%
The Bank of England's Monetary Policy Committee (MPC) aims to keep inflation at 2% and support economic growth and jobs. At the latest meeting on June 19, 2024, the MPC decided to keep the Bank Rate at 5.25%. Most members agreed, but two preferred a slight reduction to 5%.
UK Inflation Update June 2024
Released in June, the May 2024, the UK's annual inflation rate fell to 2%, aligning perfectly with the Bank of England's target. This is the lowest inflation rate since July 2021 and a decrease from 2.3% in April.
What is an ABA Routing Number?
When you're making a payment to a bank in the USA, you'll likely encounter the term "ABA number." An ABA number, also known as a routing number, is a nine-digit code that identifies banks in the United States.
What is a Direct Entry Payment?
Direct Entry is a payment system used in Australia for processing domestic payments. It allows businesses and individuals to transfer funds directly to Australian bank accounts in AUD.
What is an EFT Payment?
EFT (Electronic Funds Transfer) is a system used to transfer money between bank accounts electronically within Canada. It is commonly used for domestic transactions, including direct deposits, bill payments, and other routine transfers.
What is an ACH Payment?
ACH (Automated Clearing House) payments are processed through a centralised network in the United States, managed by NACHA (National Automated Clearing House Association). These payments are typically used for direct deposits, bill payments, and other recurring transactions.
What is a Limit Order?
A limit order is a type of order to buy or sell a security at a specified price or better. It allows businesses and individuals to control the price at which their order is executed, providing a mechanism to ensure they don't pay more or sell for less than they desire.
What Does Hedging Mean?
Hedging is a financial strategy used to manage and mitigate risk in investment and business operations. By taking an offsetting position in a related asset or financial instrument, an investor or company can protect against potential losses from adverse price movements.
What is an SME?
Small and Medium-sized Enterprises (SMEs) are businesses whose personnel numbers fall below certain limits. The classification of SMEs varies by country, but they generally share common characteristics, such as being independently owned and operated, and having a more localised or niche market presence.
What is Profit Margin and How is it Calculated?
Profit margin is a key financial metric that indicates the degree to which a company or business activity makes money. It represents the percentage of revenue that exceeds the costs of production. Essentially, it measures how much out of every pound of sales a company actually keeps in earnings.
What is Currency Costing?
Currency costing, also known as foreign currency costing or exchange rate costing, is an essential aspect of international business and finance. It involves accounting for the cost implications of changes in exchange rates when conducting business across different currencies.
Managing Exchange Rate Risk: A Detailed Guide
Discover how SMEs can navigate market volatility with strategies as effective as those used by mega-cap corporations. At Rutland FX, we specialise in optimising currency strategies for SMEs, providing tailored solutions to manage currency risk.
US Federal Reserve Holds Interest Rates at 5.25% to 5.50%
The Federal Reserve announced today that it will maintain the target range for the federal funds rate at 5.25 to 5.50 percent, citing solid economic expansion and persistent inflation as key factors in its decision.
What is an Electronic Money Institution (EMI)?
An Electronic Money Institution (EMI) is a type of financial institution that is authorised to issue electronic money (e-money). E-money represents a digital alternative to cash, allowing for the electronic storage and transfer of value.
What is Two-Factor Authentication (2FA)?
Two-Factor Authentication, often abbreviated as 2FA, is a security process that requires users to provide two different types of identification before gaining access to an account or system.
US Consumer Price Index Rises 3.3% In May 2024
The U.S. Bureau of Labor Statistics reported today that the Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in May on a seasonally adjusted basis, following a 0.3 percent increase in April.
What is Freight Forwarding?
Freight forwarding involves coordinating and shipping goods from one place to another via a single or multiple carriers. These carriers can include air, sea, rail, or road freight.
What is M2 Money Supply?
M2 money supply is a broad measure of the money supply in an economy, including M1 money supply, savings deposits, money market securities, mutual funds, and other time deposits.
What is Balance of Payments?
The balance of payments (BoP) is a comprehensive financial statement that summarises a country's economic transactions with the rest of the world over a specific period, usually a year.
What is Exogenous Analysis?
Exogenous analysis is the study of external factors that influence a country's economic performance. These factors include international trade, foreign investment, global economic conditions, geopolitical events, and cross-border policy changes.
What is Endogenous Analysis?
Endogenous analysis focuses on internal factors within an economy, contrasting with exogenous analysis, which examines external influences. These internal factors include domestic policies, economic structures, institutional frameworks, and market dynamics.
What Is Purchasing Power Parity?
Purchasing Power Parity (PPP) theory serves as a fundamental concept in macroeconomics and foreign exchange analysis, providing insights into currency valuation and global economic dynamics.
What is the S&P Global UK Manufacturing PMI?
The S&P Global UK Manufacturing Purchasing Managers' Index (PMI®) is a economic indicator providing insight into the health of the UK's manufacturing sector.
7 Biggest Mistakes When Moving to Spain
Discover the 7 biggest mistakes to avoid when moving to Spain. Learn about essential visas and permits, the importance of visiting potential areas, securing employment, understanding cultural differences, learning Spanish, the benefits of renting before buying, and connecting with expat communities.
What is a UETR Number?
A UETR number, or Unique End-to-End Transaction Reference, is a unique identifier assigned to each international payment processed through the SWIFT gpi (Global Payments Innovation) network. It is a 36-character string that serves as a digital fingerprint for a transaction.
What is a Remittance Advice?
A remittance advice is a document sent by a payer to a payee, detailing the payment made for goods, services, or any other transactions. It serves as a notification to the recipient that their invoice or bill has been paid.
US Nonfarm Payroll Update May 2024
Total nonfarm payroll employment increased by 272,000 in May, and the unemployment rate changed little at 4.0 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in several industries, led by Health care; government; leisure and hospitality; and professional, scientific, and technical services.
What is Consumer Duty? Explaining the FCA’s Initiative
The FCA has initiated a transformation within the financial services sector with the introduction of the Consumer Duty. This set of rules, slated for full integration into firms' operations by 2024, marks a pivotal step towards bolstering consumer protection and customer welfare.
What is Exchange Rate Volatility?
Understanding and assessing volatility is crucial for effective risk management. This article explores three methods to evaluate exchange rate volatility, average true range (ATR), returns distribution and implied volatility (IV).
What is Authy?
In today's digital landscape, relying solely on passwords is no longer sufficient to shield your accounts from cyber attacks. Two-factor authentication offers an additional layer of security by demanding two forms of identification, significantly heightening the difficulty for unauthorised users attempting to access your account. Rutland FX uses Authy to provide our customers with 2FA.
Payment Services Regulations 2017 (PSRs) in Context of PSD2
The Payment Services Regulations 2017 (PSRs) are closely tied to the Second Payment Services Directive (PSD2), an EU Directive that sets requirements for firms providing payment services. PSD2, which came into force on January 13, 2018, aims to promote innovation, improve consumer protection, enhance payment security, and reduce the costs of payment services.
What Does Fintech Mean?
Fintech stands for Financial Technology, Fintech is reshaping finance through digital payments, online lending, and personalised financial management tools. Discover how technology is democratising financial services, driving innovation, and empowering individuals and businesses globally.
What is a Local Payment Route?
Local payment routes are designed to facilitate transactions within a specific country or region, often offering faster and more cost-effective solutions compared to international systems. These routes utilise local banking networks and infrastructure to process payments efficiently.
Can I Recall a SWIFT Payment?
Learn How to Recall a SWIFT Payment: Process, Steps, and Considerations. Understand the intricacies of recalling a SWIFT payment, from identification to processing, including key factors such as time sensitivity, fees, and legal compliance
Is a BIC and SWIFT Code the Same?
The BIC (Bank Identifier Code) and a SWIFT code are the same thing. They are both used to identify specific banks or financial institutions globally.
What is a Pegged Exchange Rate?
A currency peg involves a country's monetary authority fixing its currency's exchange rate to that of another currency. The pegged currency will rise and fall in tandem with the currency to which it is pegged.
What is Initial and Maintenance Margin?
Learn about initial margin, maintenance margin, and margin calls for UK businesses and individuals hedging currency exposure. Understand how forward contracts work, margin requirements, and risk management strategies to protect your positions.
US ISM Manufacturing PMI May 2024
Economic activity in the U.S. manufacturing sector faced contraction for the second consecutive month in May, marking the 18th time in the last 19 months, according to the latest Manufacturing ISM® Report On Business®.
How Long Does an International Bank Transfer Take?
When sending money across borders, one of the most common questions is, "How long does an international bank transfer take?" The answer isn't always straightforward, as it depends on several factors, including the destination of the funds and the payment route used.
What is the Electronic Money Regulations 2011 (EMRs)?
The Electronic Money Regulations 2011 (EMRs) is a key piece of legislation in the United Kingdom that governs the issuance, management, and operation of electronic money (e-money) services. This regulation was introduced to provide a robust legal framework for the rapidly growing e-money industry.
Moving to Australia from the UK – Everything You Need to Know
Thinking about moving to Australia from the UK? You're not alone. Australia is a popular destination for Brits due to its high standard of living, career opportunities, and vibrant communities. This guide covers everything you need to know, from visa options to settling into your new home.
Trade Credit – Advantages and Disadvantages
Trade credit is a credit agreement between businesses where the supplier allows the buyer to purchase goods or services, deferring payment typically between 30 to 90 days. Terms can vary depending on the industry and the relationship between the buyer and seller.
Excise Duty UK Explained
Excise duty is a charge levied in addition to any customs duty that may be applicable to certain goods within the European Union. These goods can be of UK origin, received within the UK from intra-EU movements, or imported from outside both the UK and the EU.
UK VAT – Everything You Need to Know
VAT is an indirect tax imposed on the value added to goods and services at each stage of their production or distribution. It operates as a consumption tax, with consumers ultimately bearing the tax burden.
LCL (Less Than Container Load) Meaning
LCL, or Less than Container Load, refers to a shipping method where multiple smaller shipments from different suppliers are consolidated into a single container for transportation. Unlike Full Container Load (FCL) shipments, where a single consignment fills an entire container.
DPU Incoterms (Delivered at Place Unloaded) Explained
Delivered at Place Unloaded, is an incoterm that places responsibility on the seller for delivering the goods to the named destination, unloaded from the transport vehicle. Under DPU terms, the seller assumes responsibility for all costs associated with transportation and unloading of the goods.
DDU Incoterms (Delivery Duty Unpaid) Explained
Delivery Duty Unpaid, is an incoterm that places primary responsibility on the seller for delivering the goods to the named destination in the buyer's country. Under DDU terms, the seller assumes responsibility for all costs associated with transportation, excluding import duties and taxes.
EXW Incoterms (Ex Works) Explained
Ex Works, is an incoterm that places primary responsibility on the buyer for collecting the goods from the seller's premises. Under EXW terms, the seller's obligation is fulfilled when the goods are made available at the agreed-upon location, typically the seller's factory or warehouse.
CFR Incoterms (Cost and Freight) Explained
CFR, or Cost and Freight, is an incoterm that places primary responsibility on the seller for delivering the goods to the named port of destination. Under CFR terms, the seller assumes responsibility for all costs associated with transportation to the port of destination, including freight charges.
FOB Incoterms (Free On Board) Explained
Free On Board, is an incoterm that places primary responsibility on the seller for delivering the goods to the named port of shipment. Under FOB terms, the seller assumes responsibility for all costs associated with transportation and loading of the goods onto the vessel at the designated port.
CIP Incoterms (Carriage and Insurance Paid To) Explained
Carriage and Insurance Paid To, is an incoterm that places responsibility on the seller for delivering the goods to the agreed-upon destination. Under CIP terms, the seller assumes responsibility for all costs associated with transportation and insurance to the named destination.
CPT Incoterms (Carriage Paid To) Explained
CPT, or Carriage Paid To, is an incoterm that places responsibility on the seller for delivering the goods to the agreed-upon destination, typically in the buyer's country. Under CPT terms, the seller assumes responsibility for all costs associated with transportation to the named destination.
DAP Incoterms (Delivered At Place) Explained
DAP, or Delivery at Place, is an incoterm that specifies that the seller is responsible for delivering the goods to a named place, typically the buyer's premises or an agreed-upon destination, ready for unloading.
FCA Incoterms (Free Carrier) Explained
FCA, or Free Carrier, is an incoterm specifying that the seller fulfills their obligation by delivering the goods, cleared for export, to a named place. This named place can be the seller's premises, a carrier appointed by the buyer, or another agreed-upon location.
DDP Incoterms (Delivered Duty Paid) Explained
Delivered Duty Paid, is an incoterm that makes the seller obligated to deliver the goods to the buyer's designated location, cleared for import, and assumes all risks and costs associated with transportation, including import duties, taxes, and clearance fees.
CIF Incoterms (Cost, Insurance and Freight) Explained
Cost, Insurance, and Freight is an incoterm that places responsibility on the seller for delivering the goods to the agreed-upon port of destination in the buyer's country. The seller is responsible for all costs, including transportation, insurance, and freight, up to the point of destination.
Sourcing From China: Tips for Importers
Are concerns about sourcing products from China holding you back? While importing entails inherent risks, This guide is your passport to sourcing success, providing expert strategies to navigate the complexities like a seasoned pro.
Importing a Car From Japan To The UK
Are you considering importing a car from Japan to the UK? Japan is renowned for its high-quality vehicles and unique models that often aren't available in the UK market. However, the process of importing a car from Japan can seem daunting to many. But fear not, as we've compiled a detailed guide based on accurate information from government sources to walk you through the entire process.
How Could the July 2024 UK Election Impact the Pound?
Discover how the upcoming UK general election on July 4th could impact the British pound (GBP) and the economy. With Parliament dissolved from May 30th, this election holds significant implications for both political and economic landscapes.
UK Import Duty – Everything You Need to Know
Import duty is a tax collected on goods brought into the United Kingdom, impacting the cost and profitability of imported products. This guide aims to demystify import duty, explaining what it is, why it exists and who needs to pay it.
What is a Bill of Lading?
A Bill of Lading is a legal document issued by a carrier to a shipper, detailing the type, quantity, and destination of the goods being carried. The most common type of Bill of Lading (B/L) used in international trade is the “Ocean Bill of Lading.” This document is crucial for shipments transported by sea and is widely used due to the prominence of maritime shipping in global trade.
What is a Pro Forma Invoice?
A pro forma invoice is a preliminary bill of sale sent to buyers before goods are shipped or services are delivered. This document outlines the details of the transaction, including a description of the goods, quantities, prices, weight, and transport charges. Importantly, it serves as a quotation or a commitment to provide goods at the specified prices and terms but is not a demand for payment.
Bali Digital Nomad Visa – Everything You Need to Know
Digital nomads looking to stay in Indonesia have two main visa options: the B211A or the E33G Remote Worker Visa (KITAS). In this guide, we cover everything you need to know if you're considering a move to Indonesia.
What is Onfido?
Onfido is a technology company specialising in remote identity verification using advanced AI and machine learning, Onfido verifies the authenticity of government-issued IDs and matches them with biometric data from selfies or videos, ensuring the person presenting the ID is its rightful owner.
UK Inflation Update May 2024
Both the Consumer Prices Index including owner occupiers’ housing costs (CPIH) and the Consumer Prices Index (CPI) witnessed a slowdown in their annual rates. CPIH rose by 3.0% in the 12 months to April 2024, down from 3.8% in March, while CPI rose by 2.3%, down from 3.2% in the same period.
Moving to Dubai from the UK – Everything You Need to Know
Thinking of relocating to Dubai from the UK? Whether you're just considering the move or have already secured that dream opportunity, this guide will provide you with everything you need to know to get started. From practical tips to essential information, we've got you covered.
US Inflation Update May 2024
In April, the Consumer Price Index for All Urban Consumers (CPI-U) in the United States rose by 0.3 percent on a seasonally adjusted basis, following a 0.4 percent increase in March. Over the last 12 months, the overall index rose by 3.4 percent before seasonal adjustment.
What is “FAST”?
The "FAST" payment system implemented by the Central Bank of the Republic of Turkey (CBRT) streamlines electronic fund transfers in Turkish lira (TRY), allowing for near-instantaneous transactions between participating banks and financial institutions. This system enhances the efficiency and speed of domestic payments within Turkey.
What is Dataclearingen (DCL)?
Dataclearingen (DCL) serves as an infrastructure primarily utilised for credit transfers, money orders, and cheques in Sweden's financial ecosystem. Established in 1975, Bankgirot has taken on the responsibility of operating and managing DCL on behalf of its owner, the Swedish Bankers’ Association.
What is Transfond “SENT”?
SENT (Short for "Sistemul Electronic de Plati Tranzactionale") is a robust electronic payment system designed for the swift and efficient clearing of small-value interbank payments among participating institutions in the Romanian Leu (RON), as well as other currencies such as the Euro.
What is Elixir for Payments to Poland
Elixir is Poland's primary electronic clearing system, operated by Krajowa Izba Rozliczeniowa (KIR), the National Clearing House. Established in 1994, Elixir facilitates the clearing and settlement of domestic transactions in Polish złoty (PLN).
What is NICS?
The Norwegian Interbank Clearing System (NICS) is a component of Norway's financial infrastructure, handling the processing and clearing of payment transactions in Norwegian Krone (NOK).
What is GIRO Zrt?
Giro Zrt. Established in 1994, is responsible for operating the Interbank Clearing System (ICS), which handles the clearing and settlement of domestic transactions in Hungarian forint (HUF).
What is SEPA?
SEPA, which stands for the Single Euro Payments Area, is a low-cost local payment system primarily used within Europe to transfer funds between bank accounts in euro. SEPA enables seamless and often instant transactions across European countries.
What is Straksclearing?
Straksclearing Instant is a key component of Denmark’s payments infrastructure, specifically designed for immediate account-to-account transfers.
What is CERTIS?
CERTIS (Czech Express Real Time Interbank Gross Settlement system) is the primary interbank payment system in the Czech Republic, exclusively handling transactions in Czech koruna.
What is Safeguarding?
When selecting a provider for your cross-broder payment needs, it's crucial to understand how your money is safeguarded. Safeguarding, as mandated by the Payment Services Regulations 2017 (PSRs 2017) and the Electronic Money Regulations 2011 (EMRs) involves segregating customers' funds.
What is an IFSC Code?
An Indian Financial System Code (IFSC) is an 11-character alpha-numeric code use for international and domestic payments to India. It functions to differentiate between various bank branches participating in online financial transactions.
Bank of England Update May 2024
The Bank of England (BoE) released its monetary policy summary and minutes of the Monetary Policy Committee meeting (MPC) at 12:00 pm BST on May 9th, 2024, followed by a press conference discussing the latest economic trends and monetary policy. Here are some key takeaways:
What is Lloyds Bank Arena?
Lloyds Bank Arena is an FX and payments platform designed to help large businesses manage their international currency needs. It offers access to live exchange rates, the ability to book FX trades, manage currency risk through forward contracts, and process international payments.
What is an MT103 SWIFT Message?
When a payment is submitted and dispatched via the Swift network, an MT103 Swift message is generated. This message holds key payment data that financial institutions can recognise, facilitating seamless tracking and verification of payment delivery.
US Federal Reserve Update May 2024
The United States Federal Reserve issued its FOMC (Federal Open Market Committee) statement at 2:00 PM EDT on the 1st of May 2024, followed by a press conference to discuss the latest economic data trends and monetary policy. Here are some key takeaways:
What is Currencycloud?
Currency Cloud is a UK-based financial technology firm launched in 2012. Currency Cloud is Authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution.
What is a SWIFT code?
SWIFT payments or the most common way to make transfer across borders and are more transparent with SWIFT gpi, you can read more about it here.
What is a CNAPS code?
The CNAPS is a 12-digit number and can be considered the China equivalent of a sort code in the United Kingdom. You can read more about it here.
What is an IBAN Number?
IBAN stands for International Bank Account Number. It is a code which is usually up to 34 characters in length that are used for cross border payments.
What is Faster Payments?
Faster Payments is an electronic payment method that can be made online, over the phone or in a branch to remit GBP virtually instantly.
What is the Difference Between CNY and CNH?
CNY and CNH are codes for the currency in China known as Renminbi denominated in Yuan (¥).
What are Intermediary Fees?
Intermediary (corresponding bank) fees are charges deducted from international payments, typically ranging from £5 to £25. These fees are incurred during the transfer process when a payment passes through one or more intermediary banks before reaching the beneficiary.
How Secure is Rutland FX?
Rutland FX is a powered by a Visa solution; Currency Cloud. Currency Cloud is regulated and authorised by the Financial Conduct Authority as an Electronic Money Institution (EMI) under the firm reference number 900199.
Foreign Exchange (FX) Forward Contracts
A forward contract in foreign exchange is an agreement between two parties to exchange a specified amount of one currency for another at a predetermined exchange rate on a future date.
What Is SWIFT GPI?
SWIFT GPI, or Global Payments Innovation, is an advanced payment service launched in 2017 by the Society for Worldwide Interbank Financial Telecommunication (SWIFT). It enhances the traditional SWIFT network by offering faster, more transparent, and traceable cross-border payments.
What is Spot FX?
Spot FX or sometimes called a spot transaction, refers to the simultaneous buying and selling of one currency against another, usually for settlement within two business days.