Supported Currencies
An overview of the currencies supported by Lorum, including payment rails, infrastructure, and availability
Lorum currently supports four currencies: AED, USD, EUR, and GBP. Each currency has its own payment rails, banking infrastructure, and availability status.
AED
| Payment rails | IPP, FTS |
| Account identifier | IBAN |
| Inbound payments | 1st Party SWIFT, IPP, FTS |
| Outbound payments | IPP, FTS |
| Internal transfers | ✅ |
| Currency exchange | ✅ |
Payment Rails
AED payments route across two local UAE interbank rails, with routing determined automatically based on payment amount:
| Rail | Full name | When used |
|---|---|---|
| IPP | Immediate Payment Programme | Payments ≤ AED 50,000 |
| FTS | Funds Transfer System | Payments > AED 50,000 |
Both rails support real-time settlement between UAE bank accounts. IPP is designed for lower-value, everyday transactions, while FTS handles higher-value interbank transfers.
USD
| Payment rails | Fedwire, SWIFT |
| Account identifier | Account number + routing number |
| Inbound payments | Fedwire, SWIFT |
| Outbound payments | Fedwire, SWIFT |
| Internal transfers | ✅ |
| Currency exchange | ✅ |
Payment Rails
USD payments route across three rails depending on the nature of the transfer:
| Rail | Full name | When used |
|---|---|---|
| Fedwire | Federal Reserve Wire Network | Domestic US transfers - urgent or high-value payments. Real-time settlement |
| SWIFT | Society for Worldwide Interbank Financial Telecommunication | International transfers to non-US bank accounts |
MT103s are available for USD SWIFT payments on a case-by-case basis. Contact your Lorum representative for details.
EUR
| Payment rails | SEPA Credit Transfer, SEPA Instant |
| Account identifier | IBAN |
| Inbound payments | SEPA Credit Transfer, SEPA Instant |
| Outbound payments | SEPA Credit Transfer, SEPA Instant |
| Internal transfers | ✅ |
| Currency exchange | ✅ |
Payment Rails
EUR payments run on SEPA rails, which cover the Single Euro Payments Area — 36 countries across the EU and EEA.
SEPA CT by default, SEPA Instant where available.
| Rail | Full name | When used |
|---|---|---|
| SEPA CT | SEPA Credit Transfer | Standard EUR transfers - batch-processed, typically settles same or next business day |
| SEPA Instant | SEPA Instant Credit Transfer | Real-time EUR transfers - settles within 10 seconds, available 24/7/365 |
GBP
| Payment rails | Faster Payments |
| Account identifier | IBAN |
| Inbound payments | Faster Payments |
| Outbound payments | Faster Payments |
| Internal transfers | ✅ |
| Currency exchange | ✅ |
Payment Rails
GBP payments run on UK domestic rails only at the moment:
| Rail | Full name | When used |
|---|---|---|
| Faster Payments | Faster Payments Service | Domestic GBP transfers between UK bank accounts - near real-time, available 24/7/365, up to £1,000,000 per transaction |
Updated 1 day ago
What’s Next
Ready to start onboarding your customers to a currency?