Several banking and payments providers now offer one integration that supports: 

• UK Faster Payments (FPS) for real-time GBP transfers 
• SEPA Credit Transfer (SCT) for euro payments 
• SEPA Instant (SCT Inst) for near-real-time EUR transfers 

This “single API” model reduces vendor sprawl, simplifies reconciliation, and gives engineering teams one set of endpoints, webhooks, and reporting patterns to maintain. 

However, providers differ significantly in what they offer through that API. The real decision is whether you’re buying: 

• Core banking and scheme infrastructure, or 
• An embedded payments and finance layer you can build products on top of 

Below is a practical comparison of four providers commonly considered for FPS + SEPA through one integration: ClearBank, Modulr, LHV Connect, and OpenPayd. 

ClearBank is a UK and EU clearing bank that provides direct access to payment schemes through an API-first model. Rather than acting as a middleware layer, ClearBank offers regulated banking infrastructure that fintechs and financial institutions can build on. 

• UK Faster Payments, Bacs and CHAPS for domestic GBP transfers 
• SEPA Credit Transfer and SEPA Instant for EUR payments to/from the UK and across the eurozone 
• ISO 20022 messaging for structured payment data 
• Accounts, balances, reconciliation, and reporting via API 

ClearBank’s REST/JSON API uses webhooks for event-driven updates such as payment confirmations and settlement signals. Integrations typically follow a clear lifecycle: sandbox testing, onboarding, QA, then production. 

Modulr positions itself as an embedded payments platform. It is not a bank, rather it supports businesses and fintechs to integrate payment flows directly into their software products. 

• Faster Payments and Bacs for GBP flows 
• SEPA Credit Transfer and SEPA Instant for EUR payments 
• Real-time notifications, reconciliation, and reporting 
• API-driven collections and payouts 

Modulr has explicitly invested in SEPA Instant, enabling real-time euro payments for use cases like payroll, lending, marketplaces, and platform payouts. 

LHV Connect is positioned as a modern banking integration layer with a strong emphasis on payment scheme control and operational transparency. 

• Faster Payments for domestic GBP 
• SEPA Credit Transfer and SEPA Instant for EUR 
• Routing via European instant payment schemes such as RT1 and TIPS 
• Both synchronous and asynchronous payment flows 

A notable feature in LHV’s documentation is explicit scheme selection logic. Teams can: 

• Automatically route payments based on rules 
• Manually choose rails where required 
• Attempt instant payments first and fall back to standard SEPA 

OpenPayd offers a rail-agnostic payments and banking platform that combines API access with optional operational tooling. It provides access to multiple payment rails via partner banks, rather than holding direct scheme participation itself. 

• UK Faster Payments 
• SEPA Credit Transfer and SEPA Instant 
• Additional local and international rails, depending on setup 
• API-first integration plus a web platform for ops and finance teams 

A key differentiator is flexibility. Engineering teams integrate once via API, while non-technical teams can monitor balances, manage accounts, and handle certain actions through a dashboard. 

When providers offer a single API for Faster Payments and SEPA, the differences are usually not in basic rail coverage. They appear in the structure, control, and operating model. 

Use these criteria to decide. 

Start by clarifying what you’re actually buying. 

Some providers offer core banking and payment scheme infrastructure: accounts, clearing, settlement, and direct connectivity to schemes such as Faster Payments and SEPA. Others offer an embedded payments layer designed to plug into software products, often with pre-built workflows and abstractions on top. 

One nuance that rarely appears in public documentation is when teams begin integrating Faster Payments APIs. In practice, some providers see demand from pre-licence fintechs 12–18 months before authorisation.  

These teams integrate early to align technical build-out with regulatory timelines, reduce launch risk, and demonstrate operational readiness as part of the licensing process. In those cases, the API functions not just as a payments rail, but as a regulatory enabler. 

If you’re building regulated financial infrastructure, direct banking and scheme access is usually the better fit. If you’re embedding payments into an existing product and optimising for speed to market, an embedded payments layer can be the faster path. 

Your regulatory status matters. Ask whether the provider is designed for: 

• Regulated firms with mature compliance processes, or 
• Pre-regulated businesses using an agency or embedded model 

Misalignment here is one of the most common causes of delays during onboarding. 

Not all APIs handle schemes the same way. Decide whether you need: 

• Explicit control over instant vs standard payments 
• Automatic routing based on beneficiary capabilities 
• Visibility into why a payment took a specific rail 

If timing, cost, or guarantees matter, routing control becomes important. 

Most teams start with FPS and SEPA but expand quickly. Check whether the same integration can later support: 

• Direct Debits and salary payments 
• High-value domestic transfers 
• Wider international coverage 

Avoiding a second re-platforming saves significant effort. 

Faster Payments is the UK’s real-time payment scheme that enables near-instant GBP transfers between UK bank accounts, 24/7. 

SEPA Instant is a European payments scheme that allows euro transfers to complete within seconds (always ≤10s), 24/7/365. 

Yes. Many providers abstract scheme complexity and expose FPS, SEPA Credit Transfer, and SEPA Instant through a single API integration. 

Most providers primarily serve regulated firms, while others support non-regulated businesses through embedded finance or agency models. 

No. Coverage depends on the beneficiary bank’s participation in SEPA Instant schemes such as RT1 or TIPS. 

Sources: 

• https://www.modulrfinance.com/newsroom/modulr-launches-its-sepa-instant-service-to-supercharge-real-time-european-business-payments 
• https://www.modulrfinance.com/product/pay-ins 
• https://www.modulrfinance.com/solutions/lending-and-wage-advance 
• https://docs.lhv.com/home/connect 
• https://www.lhv.com/financialinstitutions/api 
• https://docs.lhv.com/home/connect/services/payments/payment-types-and-scheme-selection 
• https://www.lhv.com/about/news/euro-sepa-instant-payments-(rt1)-available-through-lhv-connect-api 
• https://docs.lhv.com/home/connect/services/indirect-scheme-access/payment-collection-services/sepa-direct-debit 
• https://www.openpayd.com/api/ 
• https://www.openpayd.com/blog/api-vs-platform-how-to-make-openpayd-work-for-you/ 
• https://www.openpayd.com/payments-solution-for-fintechs/ 
• https://www.openpayd.com/send-payments/ 
• https://www.openpayd.com/blog/how-to-make-real-time-payments-across-europe/ 
• https://www.openpayd.com/announcements/openpayd-enhances-its-sepa-capabilities/