Last reviewed: · Curated by Ohmyfin Organisation editorial.
An intermediary bank is a correspondent that sits between the sender's bank and the beneficiary's bank when those two have no direct relationship. The instruction is in MT103 field 56 (variants 56A, 56C, 56D).
Details
Most international payments pass through 1-3 intermediary banks. Each one may deduct a fee and re-screen the payment, which is why beneficiaries sometimes receive a slightly smaller amount than the sender quoted.
When Ohmyfin shows the payment status as ACSP (accepted, settlement in progress), it usually means the funds are mid-flight at an intermediary bank.
Key facts
Sits between sender bank and beneficiary bank
Lives in MT103 field 56A/C/D
May deduct fees and run sanctions screening
Visible in the SWIFT GPI tracking trail
Frequently asked questions
How many intermediary banks does a wire pass through?
Usually 1 to 3, depending on currency, country pair and the originator's correspondent network.
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