If you make a payment instruction using the BVNK Platform or via an OTC Channel, BVNK (including the relevant BVNK Service Partner) will process the payment instruction on the same working day in accordance with the below cut-off times. However, if the payment instruction is submitted outside of the below cut-off times, we will process it on the next working day.
Here are the cut-off times per type of payment and BVNK Service Partner:
| Type of Payment | Settlement Details | Cut-Off Time (COT) |
BVNK Service Partner |
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FASTER PAYMENT
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Settlements can arrive within minutes, although sometimes settlements can take up to several hours, provided that payments are submitted by the stipulated cut-off time (COT). |
On working days:
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CHAPS Clearing House Automated Payment System for GBP payments with a value over £1 million. |
Settlements can arrive on the same day of processing, provided that payments are submitted by the stipulated cut-off time (COT). |
On working days:
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SEPA INSTANT A pan-European payment transfer system allowing instant euro transactions of up to €100,000. |
Settlements can arrive within seconds, provided that payments are submitted by the stipulated cut-off time (COT). |
On working days:
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SEPA CREDIT TRANSFER A pan-European payment transfer system allowing euro transactions across SEPA countries. |
Settlements can arrive within one business day, provided that payments are submitted by the stipulated cut-off time (COT). |
On working days:
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SWIFT International payments via the Society for Worldwide Interbank Financial Telecommunications. |
Settlements can take anywhere between 1- 5 working days to complete the settlement, once the payment has been submitted and provided that payments are submitted by the stipulated cut-off time (COT). |
For T+1 settlements on working days:
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ACH An electronic payment network that processes Automated Clearing House (ACH) transactions in the United States. |
Settlements can arrive on the next day of processing for ACH transfers, provided that payments are submitted by the stipulated cut-off time (COT) |
For T+1 settlements on working days:
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FEDWIRE An electronic payment network that processes Federal Reserve Wire Network transactions in the United States.
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Settlements can arrive within one business day for Fedwire transfers, provided that payments are submitted by the stipulated cut-off time (COT). |
On working days:
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For more information, check these additional resources