How Does SWIFT Work?
Marge enters Leo's name, account and bank; banks screen payments against money laundering and sanctions rules; then the message is sent.
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1.Which are the first three steps of the payment?
Marge enters Leo's name, account and bank; banks screen payments against money laundering and sanctions rules; then the message is sent.
2.What is a BIC?
The Business Identifier Code tells the network which bank; the classic customer payment form is MT 103, with ISO 20022 now the standard for cross-border payments.
3.Why are correspondent banks used?
A correspondent bank holds deposits owned by other banks and provides payment services to them.
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Sources (4)
- Financial Market Infrastructures and Payment Services Report 2026
- Private-Sector Systems (Beschreibung
- Correspondent banking (CPMI Papers 147, Übersichtsseite) (Bank for International Settlements, CPMI)
- Eigene Rechnung: synthetischer Zahlungsweg Marge an Leo (Betrag, Kette, Gebuehren)
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