If you’re collecting payments internationally, you’ve likely come across SWIFT, SEPA, and Interac. They are all payment networks, but each serves different regions, currencies, and use cases.
Understanding the difference between SWIFT, SEPA, and Interac helps businesses choose the right rail for faster, cost-effective, and compliant collections.
What Is SWIFT SEPA Interac in Payments?
SWIFT (Society for Worldwide Interbank Financial Telecommunication)
- A global messaging network used by banks to send secure payment instructions.
- Supports cross-border payments in multiple currencies (USD, GBP, EUR, CAD, and more).
- Used worldwide by over 11,000 financial institutions.
SEPA (Single Euro Payments Area)
- An EU initiative that enables euro-denominated payments between member countries.
- Covers 36 countries (EU members plus several non-EU participants).
- Designed for fast and low-cost euro transfers within Europe.
Interac
- A Canadian payment network for domestic money transfers in CAD.
- Powers Interac e-Transfer, the most common way Canadians send and receive money instantly.
- Supported by banks, credit unions, and fintechs across Canada.
How SWIFT SEPA Interac Work for Collections
SWIFT
- A client instructs their bank to send payment via SWIFT.
- The payment may pass through intermediary (correspondent) banks.
- Settlement typically takes 1–5 business days, with possible fees deducted along the way.
SEPA
- A client in the EU sends a payment in EUR through their bank’s SEPA system.
- Funds move directly between banks in the SEPA network.
- Settlement is usually same-day or next-day.
Interac
- A Canadian client sends an Interac e-Transfer using your email or mobile number.
- You receive a notification and the payment lands in your CAD account instantly or within minutes.
- No IBANs or international details required.
Key Differences at a Glance
| Feature | SWIFT | SEPA | Interac |
| Region | Global | Europe (36 countries) | Canada |
| Currencies | Multiple (USD, GBP, EUR, CAD, etc.) | EUR only | CAD only |
| Speed | 1–5 business days | Same day / Next day | Instant (minutes) |
| Cost | Higher (intermediary fees) | Low / Free | Low / Free |
| Best For | Cross border, multi currency | Eurozone collections | Canadian domestic collections |
When to Use SWIFT SEPA Interac for Collections
- SWIFT: Best for global clients paying in major currencies such as USD or GBP.
- SEPA: Ideal for European clients paying in EUR with low cost and fast settlement.
- Interac: Perfect for Canadian clients sending CAD instantly.
Why SWIFT SEPA Interac Matter for African Businesses
For African fintechs and platforms collecting internationally:
- Use SWIFT for overseas clients outside Europe or Canada.
- Use SEPA for European clients paying in EUR.
- Use Interac for Canadian clients paying in CAD.
By selecting the right payment rail per region, businesses can reduce costs, accelerate collections, and improve customer experience.
Fincra’s Advantage: One Platform, Multiple Rails
Fincra enables African businesses to access multiple rails through a single platform:
- Receive via SWIFT in USD, GBP, EUR, CAD
- Collect via SEPA for EUR payments across Europe
- Accept Interac e-Transfers for CAD collections in Canada
- Manage everything through one dashboard or via API integration
Conclusion: Choose the Right Rail for the Right Region
Not all payment rails are the same. SWIFT provides global reach, SEPA is optimized for eurozone transfers, and Interac is the leading domestic option in Canada.
For businesses expanding internationally, especially in Africa, combining these rails ensures faster settlements, lower fees, and a better customer experience. Providers like Fincra make it possible to access all three in one compliant platform.
Disclaimer: This article is for informational purposes only and does not constitute financial, legal, or compliance advice. Always consult with your compliance or legal team for requirements specific to your business and jurisdictions.
