In the previous article we introduced the Standby Letter Of Credit (SLOC) and looked at the steps of its issuance and notification. The next question now is what happens after. In this article we will see how it works. In summary, there are two possibilities: The Standby Letter of Credit is not put into play. […]
Tag Archives | SWIFT
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 […]
SWIFT BIC Code
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 […]
4 key strategies to understand how cross border payments work
Cross border payments are perceived as one of the most complex topics in payments. And that is true to some extent. It involves many countries and currencies. And the transactions usually go through tens of systems in interbank networks, Banks and Corporations. When many start in Cross border payments or when they are introduced to […]