Crediting funds to the end beneficiary’s account may be the last leg of a payments journey. But it’s not the last step.
The journey is not complete without a confirmation.
Payment confirmations tell the initiating party, and other banks in the chain, that the funds have arrived safely. They provide certainty and allow business to flow smoothly.
That’s why, as from November 2020, all financial institutions on SWIFT will need to provide a confirmation on the status of their incoming MT 103 payments.
Download this report to learn about the benefits that universal confirmations will bring to the SWIFT community including:
- Increased efficiency
- Reduced costs
- Better customer experience
Download the report