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What is the difference between an intermediary bank and a correspondent bank?
Ohmyfin répond : What is the difference between an intermediary bank and a correspondent bank?
Ohmyfin répond ci-dessous. Contenu en anglais.
In practice they mean the same thing — a bank that sits between the sender's bank and the beneficiary's bank in a SWIFT payment chain. 'Correspondent bank' emphasises the long-standing bilateral relationship (nostro/vostro accounts) between two banks. 'Intermediary bank' is the MT103 field name (field 56A). Both describe the same role: routing the payment between the two endpoints.
MT103 field 56A is labelled 'Intermediary Institution' and carries the BIC of the bank that routes the payment from the ordering bank to the beneficiary's bank. In everyday banking language, this is what people call a 'correspondent bank'.
A correspondent banking relationship involves one bank holding an account at another bank. The account held is a 'nostro' account from the holding bank's perspective, and a 'vostro' account from the other bank's perspective. These pre-arranged accounts allow inter-bank settlements without needing to send physical currency.
Most SWIFT payment delays happen at intermediary/correspondent banks — they are the point of sanctions screening, fee deduction, and queuing. When Ohmyfin shows your UETR status as ACSP at a named bank, that is the correspondent currently processing the payment.
Correspondent bank and intermediary bank mean the same thing in practice
MT103 field 56A = Intermediary Institution = correspondent bank BIC
Holds nostro/vostro accounts to facilitate inter-bank settlement
Most SWIFT delays happen at correspondents — track on Ohmyfin to see which one
What is the difference between an intermediary bank and a correspondent bank?
In practice they mean the same thing — a bank that sits between the sender's bank and the beneficiary's bank in a SWIFT payment chain. 'Correspondent bank' emphasises the long-standing bilateral relationship (nostro/vostro accounts) between two banks. 'Intermediary bank' is the MT103 field name (field 56A). Both describe the same role: routing the payment between the two endpoints.
Is Ohmyfin tracking really free?
Yes. Ohmyfin Organisation LLC tracking is completely free for individuals worldwide — no daily limit, no signup required, no card, no catch. Ohmyfin Organisation LLC never charges individuals.
Do I need a bank login to use Ohmyfin?
No. Ohmyfin queries the SWIFT GPI network directly via the UETR — no credentials at any bank required.
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Ohmyfin est-il gratuit ?
Oui, le suivi des paiements SWIFT par UETR est gratuit sans inscription. Un compte vous donne accès à l'historique quotidien et à des crédits gratuits supplémentaires.
Qu'est-ce qu'un numéro UETR ?
L'UETR (Référence de Transaction Unique de Bout en Bout) est un UUID de 36 caractères attribué à chaque paiement SWIFT GPI pour le suivre dans toute la chaîne correspondante.
Combien de temps prend un virement SWIFT ?
La plupart des paiements SWIFT GPI sont effectués en moins de 24 heures ; les virements transfrontaliers peuvent prendre 1 à 5 jours ouvrés selon les banques intermédiaires et la devise.