Payment Topics

Introduction When making international payments via the SWIFT network, one crucial aspect that determines how charges are handled is the charge code used in the transaction. The charge code defines how payment-related fees are distributed between the sender and the beneficiary. The three commonly used charge codes in SWIFT payments are OUR, BEN, and SHA.

Introduction In the realm of international banking, correspondent banking plays a pivotal role in enabling cross-border transactions and financial settlements. Correspondent banking is a system where banks establish relationships with one another to provide services in regions where they lack direct presence. To facilitate these relationships, banks use specialized accounts such as Nostro, Vostro, Mirror

<Do check out the explainer video for more clarity > Correspondent banking is a cornerstone of the global financial system, facilitating cross-border transactions and connecting banks worldwide. It enables financial institutions to extend their reach to jurisdictions where they lack a direct presence, thereby supporting international trade, remittances, and financial globalization. This article provides a