SWIFT MT101 The start of the MT series is the MT101. If there was a course MTs 101 then they might very well start it with MT101 (Pun intended). MT101 is called a Request for Transfer message. It is a message that is used by corporates and banks (on behalf of their customers) to initiate a customer credit transfer. In...
Payments Quiz – Basic 2 Here is a short quiz to test your payments knowledge. There are a total of 15 questions and you have 15 mins to answer the same. Please share the result on LinkedIn and encourage others to take the quiz.
Domestic Payment Schemes in the UK – By Pradyumna Acharya Let’s now take a quick look at the three payment schemes: BACS, CHAPS, and FPS. BACS Bacs is the bulk system for high volume, regular retail payments What it is and what it does Bacs is the UK’s bulk payment system It is used for credit transfers and Direct Debits The...
Domestic Payment Schemes in the UK – By Pradyumna Acharya Can we achieve both Settlement Finality and Zero Counterparty Risk? This is where the final piece of the jigsaw fits in. None of the approaches we’ve outlined so far are acceptable for situations when you need to be sure the payment will be made quickly and can’t be reversed, even...
Payments Quiz – Basic 1 Here is a short quiz to test your payments knowledge. There are a total of 15 questions and you have 15 mins to answer the same. Please share the result on LinkedIn and encourage others to take the quiz.
Domestic Payment Schemes in the UK – By Pradyumna Acharya Every day in the UK, millions of pounds are moved between bank accounts. This complex ecosystem is dominated by three main domestic payment systems – BACS, CHAPS, and Faster Payments – which are used by individuals and businesses alike to electronically transfer money ranging from a few pence to millions...
SWIFT MT – Serial and Cover Method This is one of the most important articles from SWIFT payments’ perspective and it is critical that you fully understand the concepts laid out here. Payments are cleared and settled via 2 primary methods: Through a payment market infrastructure (PMI) Through correspondent banking Through payment market infrastructure: This is the case where bank...
SWIFT MTs – Blocks 1 Through 5 We have discussed in our previous article that there are 5 blocks in a SWIFT MT message. Now we will dive deep into each of these blocks and try to understand them in detail. Please save this page for your future reference (At least till 2025) There are some common details and we...
PAYMENTS – BASIC TECHNICAL CONCEPTS BY Rabinarayan Sabata An Analyst’s basic skill is Analysis. The term ‘Analyst’ may refer to Payment Analyst, Business Analyst, Technical Analyst and so on. An Analyst is the one who performs analysis of a given topic in his domain. To become a Payment Analyst, firstly, in-depth knowledge on payments is required. In addition, basic idea...
SWIFT MTs – Key Details In this article, we are going to cover some key details on the SWIFT MT message. Let us dive right into the topic Naming Convention SWIFT MT messages have a very simple naming convention, it is easy to understand and is straightforward. The first question that might pop up in our mind is, “what does...
