Archive | X-Border Payments

Basic SWIFT MT103 message decrypted

After going through the four key strategies to understand how cross border payments work, we can now take a closer look at the SWIFT MT messages. We will start with a basic SWIFT MT103 message. It is a message used in the case where sender and receiver have a direct account relationship. Only mandatory fields […]

Continue Reading
Image of SWIFT Message category, groupe and type

SWIFT, SWIFTNet and SWIFT Message Types

SWIFT, with its network SWIFTNet, is a major player in global payments. This article provides a brief introduction about SWIFT, its network and the SWIFT Message types, groups and categories. What are SWIFT and SWIFTNet ? SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. Its network interconnects banks and companies almost everywhere in the […]

Continue Reading
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