30/01/2021
WHAT IS SWIFT ??!
It is a detailed document that is generated when you complete an international transfer at your bank. It acts as a confirmation of payment made from your bank and informs the beneficiary of all the details of the transaction, including any fees applied.
All banks can provide the document after an international transfer is made. We may request it from you if we have not received your funds after three business days.
Technically a swift confirmation is a message acknowledgment. Swift is first and foremost a secure private network between financial institutions.
So a swift confirmation is merely a confirmation receipt that the message has been delivered to the network and had passed basic format checks. At this stage, there is no guarantee that the message has been delivered to the bank.
Most Point of sale systems at a bank will not directly integrate with a back-office system, so they simply lack the capability at the branch level. So they will offer a 'bank confirmation'.
It is common practice for some businesses to ask for a swift confirmation as it will contain beneficiary details and simply looks technical.
Debit advice provides confirmation that a payment instruction has been processed by the bank, but this will lack beneficiary details to act as visual proof.
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