FinTecSystems is technical service provider, PSD2 calls us a „ Payment Initiation Service Provider“
Via our interface, your customer accesses his private online bank account and initiates the wire transfer directly to your receiving bank account. We are not involved in the flow of funds, therefore there are no rolling reserves, settlement terms or similar.
According to SEPA rules, the money needs to be received by the next working day after the initiation. Thus, usually these are maximum 2 working days, the majority is received within one day.
As technology usually progresses, interfaces and transaction management are improving, we expect less gaps and faster processing in future.