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...
SWIFT MTs from a Payments Perspective In the earlier article, we saw how we as a banking community arrived at SWIFT MT message. These MT messages have been the backbone of international finance for years now. Yes, you read it right. Finance, which included payments, Trade Finance, Treasury, FX, Securities, etc. There are different categories of MT messages for...
INTRODUCTION TO SWIFT: The year was 1973, the world was changing rapidly. The United Kingdom, Denmark, and Ireland entered the European Economic Community, The first American prisoners of war were released from Vietnam, ‘The Exorcist premiered for the first time and the world of payments changed forever and for the better. Banks back then hand a big problem when trying...
SEPA Credit Transfer – Payment Timelines In the past few articles, we have seen the different payment flows that constitute the major use cases of a SEPA credit transfer scheme. In this article, we will look at the time frame within which each of the messages needs to be sent and received in order to be compliant with the SEPA...
Now that the job market is booming and there are a lot of interviews happening, I thought of compiling the business analyst interview question list. Note: This list is not exhaustive and must be used at the final stage of preparation. Most of these questions were directed at me during my years of being interviewed. If you know the answers...
Sepa Credit Transfer – Recall flow : SEPA credit transfer – recall is a process through which an Originator or Originator PSP wants to cancel or get back the funds of an earlier credit transfer that was sent. Both the Originator and the Originator PSP can recall the payment for several reasons and here are some of them Originator: payment...
