How are international payments processed at Mercury?
Most international wires are processed through the Society for Worldwide Interbank Financial Telecommunication (SWIFT). SWIFT is a network that facilitates cross border communication and money movement for financial institutions. Payments made via SWIFT go through an intermediary bank, which means they can take a little longer to process.
If you’re sending a euro payment to a recipient in Europe, it will be processed through the Single Euro Payments Area (SEPA) instead. SEPA is like a narrower version of SWIFT that facilitates payments between 36 countries within Europe. These payments get processed faster and more efficiently than SWIFT because they’re made directly without needing to go through an intermediary bank.
As Mercury grows, we'll likely be adding more payment processing rails (EFT for CAD, AusPayNet for AUD, etc) for faster and more efficient payments across the board.