SWIFT & International Payments Glossary | Ohmyfin
Last reviewed: · Curated by Ohmyfin Organisation editorial.
Cross-border payments use a lot of jargon. This glossary explains every term clearly, with examples and links to deeper guides. Free Ohmyfin reference for senders, beneficiaries, finance teams and banks.
A–Z index — 25 entries
AML — Anti-Money Laundering in International Payments
AML (Anti-Money Laundering) checks are applied to every international wire transfer. They are a leading cause of holds and delays — especially on new beneficiaries. Full guide on Ohmyfin.
Beneficiary (of a Wire Transfer)
The beneficiary is the person or business that receives a wire transfer. Correct beneficiary details are critical — errors cause delays, fees, or a returned payment. Full guide on Ohmyfin.
Beneficiary Bank (MT103 Field 57)
The beneficiary bank is the bank that holds the receiver's account — identified by BIC in MT103 field 57A. A correct BIC prevents delays and misrouting.
BIC (Business Identifier Code / SWIFT Code)
A BIC (also called a SWIFT code) is the 8 or 11 character ISO 9362 identifier of a bank on the SWIFT network. Look up any BIC free on Ohmyfin.
Charges Bearer (OUR / SHA / BEN)
OUR, SHA and BEN are the three SWIFT charges-bearer codes that determine who pays correspondent-bank fees on a cross-border wire. Draft an MT103 with the right code on Ohmyfin.
Correspondent Bank
A correspondent bank is an intermediary that routes a payment between two banks that do not have a direct relationship. Search 8,000+ correspondent banks free on Ohmyfin.
Cut-Off Time (SWIFT & RTGS)
A cut-off time is the daily deadline after which a bank cannot guarantee same-day settlement for a wire transfer. Miss it and your payment waits until the next business day. Full guide on Ohmyfin.
Fedwire Funds Service
Fedwire is the US Federal Reserve's real-time gross settlement system for large-value USD wire transfers. It processes over $4 trillion per day. Guide to Fedwire on Ohmyfin.
IBAN (International Bank Account Number)
An IBAN is the international standard (ISO 13616) for identifying a bank account across borders. Up to 34 characters, country-specific length.
Intermediary Bank (MT103 Field 56)
An intermediary bank routes a SWIFT payment from sender to beneficiary when the two banks have no direct relationship. Lives in MT103 field 56A/C/D.
MT103 (SWIFT Customer Credit Transfer)
MT103 is the SWIFT message used for a single customer credit transfer between banks. Verify any MT103 payment free on Ohmyfin.
MT202 (SWIFT Bank-to-Bank Transfer)
MT202 is the SWIFT message for bank-to-bank funds transfer, used as the cover payment behind an MT103 customer transfer. Draft or verify any MT202 free on Ohmyfin.
Nostro and Vostro Accounts
Nostro and vostro accounts are the bilateral currency accounts that connect banks in the global correspondent banking network — the plumbing that moves every international wire. Full guide on Ohmyfin.
Ordering Customer (MT103 Field 50)
The ordering customer is the party instructing the bank to send the payment. Lives in MT103 field 50A/F/K. Mandatory for AML and FATF Travel Rule compliance.
pacs.008 (ISO 20022 Customer Credit Transfer)
pacs.008 is the ISO 20022 XML message replacing SWIFT MT103 for customer credit transfers worldwide. Track any pacs.008 UETR free on Ohmyfin.
pacs.009 (ISO 20022 FI-to-FI Credit Transfer)
pacs.009 is the ISO 20022 message replacing the SWIFT MT202 for bank-to-bank cover payments. Track any UETR or draft a pacs.009 free on Ohmyfin.
Remittance Information (MT103 Field 70)
Field 70 on an MT103 is the free-format remittance information — invoice numbers, customer references, payment notes visible on the beneficiary's bank statement. Up to 4 × 35 characters.
Sanctions Screening
Sanctions screening checks every cross-border payment against OFAC, EU, UN and HMT lists — a common cause of wire delays. Pre-screen on Ohmyfin free.
Sender Reference (Field 20)
Field 20 on a SWIFT MT103 is the Sender's Reference — the sending bank's internal ID for the payment. Up to 16 characters. Track any reference free on Ohmyfin.
SEPA (Single Euro Payments Area)
SEPA is the EU's harmonised euro payment zone covering 36 countries. SEPA Credit Transfers arrive in 1 business day; SEPA Instant in 10 seconds. Full guide on Ohmyfin.
SWIFT GPI (Global Payments Innovation)
SWIFT GPI is the real-time tracking layer on the SWIFT network. Look up any GPI payment free on Ohmyfin — we never charge individuals, anywhere in the world.
TRN (Transaction Reference Number)
A TRN (Transaction Reference Number) is the bank-assigned identifier for a wire transfer or SWIFT payment. Track any TRN free on Ohmyfin.
UETR (Unique End-to-end Transaction Reference)
A UETR is the 36-character SWIFT GPI tracking code that identifies an international payment from end to end. Look up any UETR free on Ohmyfin.
Value Date
The value date is the date a payment is credited to the beneficiary's account for interest calculation. Appears in MT103 field 32A. Track any payment free on Ohmyfin.
Wire Transfer — What It Is and How It Works
A wire transfer is an electronic transfer of funds between banks using SWIFT, Fedwire, CHAPS or SEPA. Learn how wire transfers work, how long they take, and how to track yours free on Ohmyfin.
Frequently asked questions
What does UETR stand for?
UETR stands for Unique End-to-end Transaction Reference. It is the 36-character UUID that SWIFT assigns to every international payment under the GPI (Global Payments Innovation) standard so any participant in the chain can track the transfer in real time.
What is a BIC / SWIFT code?
A BIC (Bank Identifier Code) — also called a SWIFT code — is an 8- or 11-character identifier that uniquely identifies a bank or branch on the SWIFT network. The first four characters name the institution, the next two the country (ISO 3166-1 alpha-2), the next two the location, and the optional final three identify a branch.
What is the difference between SWIFT and SEPA?
SWIFT is the global interbank messaging network used for cross-border wire transfers in any currency. SEPA (Single Euro Payments Area) is a euro-only settlement scheme covering 36 European countries with faster, lower-cost transfers within that region. SEPA cannot send money outside Europe or in non-euro currencies.
What does "correspondent bank" mean?
A correspondent bank is an intermediary bank that processes transactions on behalf of another bank in a country where that bank has no direct presence. International SWIFT transfers often pass through one or more correspondent banks before reaching the beneficiary bank.
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