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About payment routing

Learn more about how inbound and outbound payments are routed.

How it works

When an Equals Money account is created, it's set up with default settlement details and payment routing settings for payments in and payments out. We work with multiple sponsor banks and gateway providers to make sure routing is configured in an optimal manner for the payment schemes we support.

If you're onboarding your own customers to use Equals Money (i.e., you'll use the account onboarding API and we'll run KYC checks on your customers, then provide them with an IBAN or BIC, etc.), some of your customers may have different routing setups depending on their business.

Inbound (receiving)

By default, most customers working with the Equals Money API are set up with Equals Money Ltd for their inbound configuration.

Under this setup, all onboarded accounts will be assigned both:

• an Equals Money Ltd account with a sort code and BBAN for receiving FPS payments, and
• an Equals Money Ltd Sort code IBAN and BIC for receiving SEPA INSTANT/SCT and SWIFT payments

These details are generated automatically once an account is approved, or if you successfully call the budgets API to create a new budget on an existing account. These are the details that you (or your customer) should give out to all of your creditors.

A typical set of settlement details may look like this:

• BIC: SPPVGB2L
• IBAN: GB19SPPV23188481196333
• BBAN: 81196333
• Sort code: 23-18-84

Outbound (sending)

When you send a payment, we'll use one of our sponsor banks to route it to its destination. If you'd like to know which one your account will use, please ask your sales or implementation representative.

You won't need to specify which BBAN or IBAN to send from, nor provide any additional details — the Equals Money API will handle this automatically.

As a result, the debtor details present in the payment when it arrives at its destination may not match your inbound payment details. However, the remitter name will be populated on all payments and all references will always be passed on in full, so the recipient will know where the payment has come from and what it's for.