If both banks involved in the transaction use Nostro and Vostro accounts, the SWIFT payment that was initiated will happen instantly. Nostro accounts are where the bank holds the money and Vostro accounts are the ones used for opening it in the bank’s books.
These accounts are used as a way to record the movement of the money and are a mirrored ledger of each other. All banks that work within the network use Nostro and Vostro accounts to carry out the payment transfer. Banks can enclose payment instructions, but they can also process security requests and other varying system transactions.
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You simply need the account number and the branch’s specific SWIFT code in order to set one up. The process of sending a SWIFT transaction is very simple despite being one of the most secure ways to transfer money internationally.
In order for a SWIFT payment order to be issued, the system uses what is called a SWIFT code.
Now that we know what an MT103 is, let us understand more about SWIFT payments as well. Furthermore, it is recognized proof of payment by institutions worldwide. Typically, the banks and financial institutions which make payments via SWIFT will have an MT103 but they must be requested. An MT103 is a standardized document used by banks or financial institutions that makes a wire transfer through the SWIFT network.
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