International Cross-Border SWIFT Transfers
The following cut-off times in this section refer to outgoing SWIFT transactions only. The times displayed below are CET time-zone based. For same day value payment instructions: cut-off time for ONPEX transfers (EBA, STP, MT103) is 3:30 pm CET
Settlement Systems
Message Type
MT103
STP
3:30 pm
EBA
NSTP*
3:15 pm
STP
TARGET2
NSTP*
4:30 pm
4:15 pm
Local European SEPA Transfers
The cut-off times in this section refer to outgoing SEPA transactions only. The times displayed below are CET time-zone based. For same day value payment instructions: cut-off time for ONPEX SEPA transfers is: 7:30* am, 11:30* am, 4:00* pm, 6:00* pm CET
*on best effort basis
Foreign Currency Cut-Off Times
The cut-off times in this section refer to all currencies we offer and for outgoing transactions only. The times displayed below are CET time-zone based. We are processing transactions instantly and these cut off times refer to the timings of our correspondent banking network.
Currency
Day
Hour (CET)
Currency
Day
Hour (CET)
AED
D+1
2:30 pm
AUD
D+1
2:00 pm
CAD
D
4:00 pm
CHF
D
9:30 am
CNY
D+1
4:00 pm
CZK
D+1
2:00 pm
DKK
D+1
1:00 pm
EUR
D
4:00 pm
GBP
D
2:30 pm
HKD
D+1
2:00 pm
HRK
D+1
2:00 pm
HUF
10:30 am
D+1
ILS
2:00 pm
D+1
JPY
1:30 pm
D+1
MXN
D
2:00 pm
NOK
D+1
1:00 pm
NZD
D+1
2:00 pm
PLN
D+1
11:30 am
RON
D+1
4:00 pm
RUB
D
10:30 am
SAR
D+1
2:30 pm
SEK
D+1
1:00 pm
SGD
D+1
11:30 pm
TRY
D
8:30 am
ZAR
D+1
4:00 pm
Terminology
STEP2
CSM
STP
NSTP
SCT
SEPA
SWIFT
EBA
MT103
TARGET2
Pan-European Automated Clearing House processing mass payments in euro. STEP2 provides fast and reliable processing and settlement of SEPA Credit Transfers and SEPA Direct Debits to its participants all across SEPA. The platform is one of the key clearing and settlement mechanisms in the Single Euro Payments Area (SEPA), both in terms of processing volumes and participating institutions.
Clearing and Settlement Mechanism.
Straight Through Processing describes a system in which a transaction occurs electronically and fully automated.
The SEPA Credit Transfer has been introduced by the European Payment Council in the beginning of 2008. It is also referred to as a payment scheme or a set of rules for transferring funds between banks in the EU. The SCT (called "European transfer" in Belgium) is to replace the complete range of local euro-denominated payment systems in Europe, both domestic and cross-border.
Non-Straight-through processing describes a system in which a transaction occurs electronically and but not fully automated. This type of transfer processing needs manual intervention.
Single Euro Payment Area: This unique euro payment area establishes an integrated European market for payment instruments. The aim of SEPA is to ensure that payments within Europe take place as simply and effectively as those within a single country.
Society for Worldwide Interbank Financial Telecommunication: Messaging code system that allows European and international payment orders to automatically arrive at the correct bank and branch. A SWIFT address or SWIFT code can be 8 or 11 characters long depending if it supplies branch information.
European Bank Association: Founded in Paris in 1985 by 18 commercial banks and the European Investment Bank, EBA is an industry forum for the European payment entities with over 200 banks and organisations as members. The Euro Banking Association is one of the main contributors to the creation and development of SEPA.
SWIFT message type used for customer payments and cheques. MT103 is a SWIFT payment message type/format used for cash transfer specifically for cross border/international wire transfer. This type of transfer goes through ONPEX on behalf of the client.
Trans-European Automated Real-time Gross Settlement Express Transfer System: TARGET2 is a real-time gross settlement (RTGS) system for the Eurozone, and is available to non-Eurozone countries. TARGET2 is also an interbank RTGS payment system for the clearing of cross-border transfers in the eurozone.
