SWIFT messages are organized into 9 main categories. Categories include Customer Payments, Financial Institution Transfers, and Treasury Markets. Categories cover Collections, Securities Markets, Precious Metals, and Travellers Cheques
ACH is an electronic network for processing payments between financial institutions. Managed by NACHA, connected to 11,000 financial institutions. Enables fast, secure, and cost-effective online payments
ACH transfers enable electronic fund movement between financial institutions. ACH credit transfers push funds from one account to another. ACH debit transfers withdraw funds from one account. Common uses include direct deposits, bill payments, and company-to-company transfers
Disbursement is the payment of money from a source to individuals or businesses. It's crucial for improving cash flow and reducing fraud risks. Disbursements can be cash or electronic transfer payments
A routing number is a nine-digit identifier for banks issued by the American Bankers Association (ABA). It serves as a bank's unique identification and proof of legitimacy. Routing numbers were first developed in 1910
Beneficiary is the person receiving advantages from financial arrangements. Beneficiary name is crucial for verifying account holder identity. Beneficiary account is the destination for funds in financial transactions