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The vocabulary of getting paid across borders

Eight terms worth knowing before your first international invoice, each explained in one sentence with the numbers attached.

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Client funds are held separately from Fasset’s own.

Glossary IBAN The up-to-34-character account number used across Europe, the UK and the Gulf, and why your US client has never seen one. Glossary SWIFT The messaging network banks use to talk to each other. It does not move money, which is why wires take 1 to 3 days. Glossary Routing number The 9-digit code that identifies a US bank account, and the only number a US client needs to pay you by ACH. Glossary Mid-market rate The real exchange rate, no markup, the one on Google. Banks add 2 to 4% on top before they show you a number. Glossary Safeguarding Why client funds are held separately at licensed institutions instead of on a company's own balance sheet, and how that differs from deposit insurance. Glossary Stablecoin A digital token designed to track a currency. USDT is designed to track the US dollar and settles in about 20 seconds. Glossary Escrow Funds held by a neutral third party until both sides confirm the work is done, released by milestone. In development at Fasset. Glossary Correspondent bank The intermediary a SWIFT payment passes through on its way to you, and why $15 to $30 goes missing at each hop.

Plans start with a free tier. The pricing page has the current schedule.

Common questions

What is an IBAN?

An IBAN, international bank account number, is a standardized account identifier of up to 34 characters used across Europe, the UK, the Gulf and more than 80 other countries. The United States never adopted the standard, so a US client asking for your IBAN usually needs a routing number and account number instead. See the full breakdown on the IBAN page.

Why do SWIFT wires take 1 to 3 business days?

SWIFT is a messaging network, not a settlement rail: it tells banks what to do, and the money still has to move through one or more correspondent banks to get there. Each hop can take a business day and typically deducts $15 to $30 in fees. The full teardown is on the SWIFT page.

What is the mid-market rate?

The mid-market rate is the midpoint between the buy and sell price of a currency pair, the same rate shown on Google and Reuters, with no markup added. Most banks add 2 to 4% on top of it before quoting you a number; Fasset converts at the mid-market rate plus a per-plan conversion fee, stated on the pricing page. Details on the mid-market rate page.

Is Fasset a bank?

No. Fasset Business is a technology platform, not a bank. Banking, payment and card services are provided by licensed third-party institutions in each market, and client funds are held at those institutions, separately from Fasset's own money.

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Open an account See the demo

Client funds are held separately from Fasset’s own.