These are all the products we offer under our BaaS solution:

  • Bank as a service
    • IBANs £ and €
      • Multi IBAN
      • Multi Currencies
    • UK, Europe and International payments
      • Faster payment
      • SEPA
      • SEPA Instant
      • Swift
    • Debit card
      • Virtual and physical cards
      • Prepaid cards
    • FX


Multi-currency IBANs

IBAN stands for “International Bank Account Number” and is an identifier number connected to bank accounts in the EEA and several countries of the Caribbean and the Middle East. The IBAN has 3 sections: the country code, the bank code and the account number.

The IBAN code comes with a BIC (Bank Identifier Code) or a SWIFT (Society for Worldwide InterBank Financial Telecommunications) code that allows the issuing bank to identify the institution a payment is destined to.

A multi-currency IBAN means a bank account that can hold more than one currency. In this case the 2 currencies available are Pound Sterling (GBP) and Euros (EUR). Each account will have their own IBAN and BIC code

Faster payment

Faster Payment System (FPS) is a bank-to-bank payment initiative launched in 2008. It is a payment methodology design to make faster small transactions within the United Kingdom.

Even though the limits may vary depending on the bank, the usual limit for these payments is £250,000 and the transaction is reflected within seconds with some few exceptions.

This payment accepts 4 forms of transactions:

– Single immediate payment: a one time instant payment instantly

– Forward-dated payment: a one time payment on a set date and time

– Standing orders: a recurrent payment on a set date

– Direct corporate access payments: a bulk payments for business customers


SEPA stands for “Single European Payments Area” and it’s the methodology of bank-to-bank transactions and direct debits current in 36 European countries. With SEPA, account holders can make payments between countries as if it was a local transaction.

The requirements to make SEPA transactions is to have an IBAN (International Bank Account Number) and a BIC (Bank Identifier Code) given that those are the codes that the SEPA system use to identify its clients.

The transactions are not instant, it usually takes between 1 or 3 business days; however since November 2017 a new technology has been developed to make a faster process. The name of this method is SEPA Instant and it enables SEPA transfers in real time. The completion of the operation is reflected on the accounts after a couple of seconds.

The difference between SEPA and SEPA instant in a process level is that, while each SEPA transactions is processed in a batch with other transaction in a determine hour of the day, SEPA instant is process of a one-to-one transaction basis, approving the payment in real time.

The benefit of SEPA payments is that increases the transparency and speed of the transactions between European countries.


Founded in 1973, SWIFT stands for “Society for Worldwide InterBank Financial Telecommunications” and it is an international payment system that consist sending messages between banks of different countries that have a direct relationship. In case that the banks involved in the transaction don’t have a relationships third parties, FX fees and extra charges and time might apply.

To make the transactions the system uses a SWIFT code or BIC (Bank Identifier Code) which is a series of characters that indicates a specific country, bank, branch and account. Your bank will send a message to another code and through this process it will allow the recipient bank to take a set amount from your account.

The process usually take between 3 to 5 business days.

Debit Cards

A debit card or Check Card is a payment device that replaces cash and it works by transferring money from a consumer’s bank account to another bank account or a business. Debit cards can have a physical or virtual format.

Owning debit card has several benefits, you can spend money in multiple currencies, as well as use it internationally, freeze and unfreeze your card and withdraw money from ATM (Automated Teller Machine). In addition, a debit card is more comfortable and safe than carrying money in your wallet.

Prepaid Cards

A prepaid card works as a debit card with the difference that the money that you have available is preloaded in the card.

Some of the main benefits when it comes to prepaid cards is that you don’t need a bank account nor a credit history in order to make purchases with it; it’s safer way of carrying cash around, it can be used for online, regular or on-store payments and it can also be given as a gift or used as a control card for the young members of the family.

The process of using a prepaid card is simple: first the card must be purchased, then activated and loaded with an amount, then it can be used and the remaining balance can be checked online.


FX, Forex or Foreign Exchange are the names used to referred to the conversion of one currency into another. Because the currencies are always exchanged in pairs, the rate of the conversion may vary depending on the currencies market value.

Financial centres worldwide work as anchors of trading between a large range of types of buyers and sellers around the clock, with the exception of weekends.

The Interbank Market is a behind-the-scenes market composed by banks, insurance companies and financial institutions that operates as dealers.

Trades between foreign exchange dealers can be very extense, involving millions of dollars. Because of the sovereignty issue when involving two currencies, Forex has a few (if any) supervisory entities regulating its actions.