SME Bank, a new banking startup providing banking and financial services specifically for SMEs, today announces the addition of SEPA Instant Transfer as well as participation in SWIFT, a network of Mass messaging used by banks and financial institutions around the world. The expanded range of services means that the SME Bank will better respond to the needs of its clients, which already have close to 700 European companies.

As the backbone of the European economy, SMEs account for more than 90% of all businesses in Europe and more than half of the working population is employed by an SME. However, more than a quarter of SMEs have difficulty accessing finance from their banks, while 35% receive no services or support other than loans. As a result, many SMEs are still undercapitalized, inadequately consulted and face serious business challenges.

SME Bank is a new business bank based on a single digital platform for all the day-to-day banking and finance needs of SMEs. Founded in 2021 in Vilnius, Lithuania and already present in 5 European countries, it is a flexible and fast digital bank for businesses. SME Bank offers SMEs a full range of banking services and a range of lending products. Together with its partner SME Finance, SME Bank also provides growth finance to startups and SMEs.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a member-owned cooperative that provides a safe and secure network for the transmission of financial transactions. SWIFT is the largest payment network in the world. The Single Euro Payments Area (SEPA), an initiative to facilitate seamless transfers and payments within the EU area, is endorsed and regulated by the European Payments Council (European Payments Council). EPC).

By participating in SWIFT, SME Bank can provide secure, transparent and accessible financial services through extensive messaging networks used by financial institutions, while SEPA instant transfers allow money transfers between two bank accounts across borders in the euro area.

“Instant and seamless customer experience is very important to us. SWIFT and SEPA are key upgrades to our services that will impact customers directly and indirectly in positive ways. These new services represent increased convenience, better fraud protection, and a more mature level of service overall. SWIFT is basically the standard international wire between all banks – an absolute ‘must have’ for any serious institution, and SEPA gives our customers that full EU advantage for the entire Euro payments zone. With this foundational service portfolio, SME Bank is committed to making financial services accessible to SMEs and helping them overcome business challenges and achieve success.”

Ieva Naudžiūnaitė, COO of SME Bank.