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.

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A–Z index — 18 entries

Beneficiary Bank The beneficiary bank ("Account With Institution") is the bank that holds the receiver's account. Lives in MT103 field 57. 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 — we never charge individuals, anywhere in the world. 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. Correspondent Bank A correspondent bank is an intermediary that routes a payment between two banks that do not have a direct relationship. Free directory of 8,000+ correspondent banks 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 An intermediary bank routes a SWIFT payment from sender to beneficiary when the two banks have no direct relationship. Lives in MT103 field 56. MT103 (SWIFT Customer Credit Transfer) MT103 is the SWIFT message used for a single customer credit transfer between banks. Verify any MT103 free on Ohmyfin — we never charge individuals, anywhere in the world. MT202 (SWIFT Bank-to-Bank Transfer) MT202 is the SWIFT message for bank-to-bank funds transfer, often used as the cover payment behind an MT103 customer transfer. Ordering Customer The ordering customer is the party (individual or company) instructing the bank to send the payment. Lives in MT103 field 50. pacs.008 (ISO 20022 Customer Credit Transfer) pacs.008 is the ISO 20022 XML message that is replacing the SWIFT MT103 for customer credit transfers worldwide. 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. Remittance Information (Field 70) Field 70 is the free-format remittance information on an MT103 — invoice numbers, customer references, and any payment notes. Up to 4 lines × 35 characters. Sanctions Screening Sanctions screening checks every cross-border payment against OFAC, EU, UN and HMT lists. Common cause of wire-transfer delays. 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. 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 — we never charge individuals, anywhere in the world. 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 — we never charge individuals, anywhere in the world. Value Date The value date is the date a payment is credited to the beneficiary's account for interest calculation, regardless of when the message was sent.
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