SME Bank, the neobank startup that offers banking and financial services specifically for small- and medium-sized enterprises, is announcing today the addition of SEPA Instant Credit Transfers as well as becoming a member of SWIFT – a vast messaging network used by banks and other financial institutions around the world. The increased scope of service means that SME Bank will better address the needs of its customers, already numbered at almost 700 EU businesses. 

As the backbone of Europe’s economy, small- and medium-sized enterprises make up over 90% of all companies across Europe, and more than half of the working population is employed by an SME. Yet more than a quarter of SMEs have had trouble accessing finance from their bank, while 35% are getting no other service or support beyond lending. As a result, many SMEs remain under-financed, under-advised and at risk of serious business challenges. 

SME Bank is a neobank for businesses leveraging a single, digital platform for all small- and medium-sized businesses’ finance and daily banking needs. Founded in 2021 in Vilnius, Lithuania, and already operating in five European countries, it is a flexible, fast, digital bank for business. SME Bank offers SMEs a full range of bank services and a number of lending products. Together with its partner SME Finance, SME Bank also offers growth financing for startups and small- and medium-sized enterprises. 

The Society for Worldwide Interbank Financial Telecommunications (SWIFT) is a member-owned co-op that provides a safe and secure network for the transmission of financial transactions. SWIFT is the largest payments network in the world. The Single Euro Payment Area (SEPA), an initiative that facilitates seamless transfers and payments in the EU zone, is approved and regulated by the European Payment Council (EPC).  By joining SWIFT, SME Bank is able to provide secure, transparent, and accessible financial services through vast messaging networks utilized by financial institutions, while SEPA Instant Credit Transfers enable to move money between two cross-border bank accounts in the eurozone.

Ieva Naudžiūnaitė , COO of SME Bank said, “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.”