Payments Terminologies – Part 02

Terms and definition used in Payments   Debtor (Originator, Ordering Party Buyer): The Party whose account is debited with the payment Creditor (Beneficiary, Seller): The Party whose account is credited with the payment Initiating Party: The Party on the initiative of which the payment data is established. This might be the payer itself, an agent, or the company service …

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SWIFT in Banking: SWIFT stands for the “Society for Worldwide Inter-bank Financial Telecommunications“. It is a messaging network that the institutions uses to securely transmit information and instructions through a standardized system of codes.   SWIFT assigns each organization (Both FI and Non-FIs) a unique code that has either eight characters or 11 characters. The code …

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“BIC“, stands for “Bank Identification Code” or “Business Identifier Code”. BIC is an unique code for each bank. BIC can be of 8 or 11 characters, if branch is not know then it can be marked as “XXX”. Standard: ISO 9362 (Modified in 2009, 2014) Example: SBININBB230 SBIN – Institution Code (Financial or Non-Financial), here …

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