Malta has no domestic-only transfer scheme comparable to the Netherlands' iDEAL or Poland's BLIK. Since joining the eurozone in 2008, bank transfers have been unified under the SEPA standard, making SEPA transfer (including SEPA instant transfer) effectively the only account-based payment path in online commerce.

It is well suited as a complementary method for avoiding card fees and limits on large transactions, such as high-value orders that exceed card limits, business-to-business (B2B) deals, and quote-based sales. If your business is centered on high-volume, low-value sales, it is better to prioritize cards and wallets instead.

This is a push method in which the consumer executes a SEPA transfer (or SEPA instant transfer) to the merchant from their own online banking. Once the deposit is confirmed, Hecto Financial receives the euro (EUR) amount, and after currency conversion, settles it to the merchant in Korea in the contracted currency, one of USD, KRW, or JPY. Because there can be a time lag before a regular transfer is confirmed as received, managing the matching of orders to deposits (via a reference number) is important.

Even without opening a local bank account in Malta, a company in Korea can consider accepting SEPA transfers through Hecto Financial. Detailed terms such as the settlement cycle, fees, and currency options are finalized through negotiation before signing a contract.

• Country of business registration

  Confirm contract eligibility for businesses registered in Korea

• Sales channel

  The integration method and priority differ depending on your online sales channel mix, such as your own site, marketplaces, or a mobile app

• Product categories handled

  Check in advance whether your category falls under restricted sectors per Bank transfer's operator merchant policies

• EU regulatory compliance

  Confirm compliance with EU payment regulations such as PSD2 and SEPA (see official sources below)

The euro (EUR) amount transferred by the consumer arrives in Hecto Financial's receiving account, and after currency conversion, it is settled to the merchant in Korea in the currency set under the contract, one of USD, KRW, or JPY (the cycle follows the contract terms). Because a transfer is a push method, there is no chargeback risk as with cards, but return requests arising from the 14-day right of withdrawal under EU consumer protection rules must be handled through a separate process.

• Central Bank of Malta / Malta Financial Services Authority (MFSA)Official information on Malta's payment systems and supervisory regulations. Where this page differs from actual regulations, the official source takes precedence.