Definition
SWIFT vs SEPA
The two main bank wire networks for SPV funding — SEPA within the euro area, SWIFT internationally.
SEPA is the euro-area payment scheme covering euro transfers between participating European countries, typically settling in one to two business days at low cost with no correspondent chain. SWIFT is the global messaging network behind international wires, typically taking one to five business days and routing through correspondent banks that each deduct fees. The practical difference for an SPV investor is cost certainty: on a SWIFT transfer the charge type determines who absorbs the correspondent fees, and it must be set to OUR so the sender pays. Choosing SHA or BEN causes the deducted fees to arrive as a short payment, which cannot be matched to the expected commitment and has to be reconciled manually before the LP can be marked funded.