Archive | Credit Transfers

Schemes and standards for funds transfers in different countries of the world. SEPA Credit Transfer, Domestic Transfer, Interbank systems, Multilateral clearing, Real-Time Gross Settlement

Image of a Structure of the SWIFT BIC Code structure


The SWIFT BIC code is a standardized international identifier (ISO 9362) used in financial messages exchanges. Understanding what the BIC code is fundamental because it is used to identify entities and to route payments messages over SWIFTNet, the SWIFT secure IP Network. What does BIC stand for? and what is the BIC? Does BIC stand for […]

Continue Reading
Picture of Model for Intrabankgroup transfer

On-us transactions – Intrabankgroup

In the previous article on-us transactions were introduced and we looked at them at the level of one bank. In this article, we continue our analysis of on-us transactions but considered now at bankgroup level. In a wider sense on-us transactions occur when the originator bank and the beneficiary bank are separate entities but belong […]

Continue Reading
Picture of Model for intrabank transfer

On-us transactions – Intrabank

On-us transactions represent a significant part of transactions processed by banks. They can be classified in two groups: Intrabank and Intrabankgroup transactions. The word Intra is a prefix meaning “within something, inside something, on the inside”. An intrabank transaction is a transaction exchanged inside or within the same bank. An intrabankgroup transaction is a transaction […]

Continue Reading
Image of Messages exchange periods in the Interbank Space

Exchange periods of the SCT messages

As we saw in a previous article, the SEPA Credit Transfer Rulebook obliges the scheme participants to exchange exception messages (the r-messages) during specific timeframes in the interbank space. The scheme does not say how many days before settlement a credit transfer can be forwarded to the clearing system. In the customer-to-bank space, the scheme […]

Continue Reading