SWIFT Payout

1.Product iItroduction

SWIFT cross-border payment products help merchants send funds to hundreds of countries through one integration(Currently, only US dollars are supported, and other currencies are being expanded). SWIFT was founded in 1973 and is headquartered in Brussels, Belgium. It is an international organization developed in response to the needs of cross-border banking transactions. It was established to simplify and standardize communications between international banks and increase the efficiency and reliability of cross-border transactions. SWIFT provides a standardized communication platform that allows banks to send and receive various financial transactions and information, including remittances, cross-border payments, foreign exchange transactions, etc. Although SWIFT itself does not perform the settlement and clearing of financial transactions, it plays a key role in promoting communication and cooperation between different banks, thus helping to smooth cross-border transactions.

2.Ability Description

Type	Description	Remark
Payment Method Type	SWIFT
Target Organisation	No need to specify separately, identified by "bankcode (SWIFTcode)"
Support Country	154, basically covering mainstream countries/regions (continuous expansion)	Please see the specific filling specifications and coverage area： 【SWIFT Product Description】
Receiving Currency	USD（Continuing to expand）	When the currency of the payee’s account is inconsistent: -May be returned by the beneficiary bank -May be credited after currency exchange
Payee Type	Enterprise：CORPORATION Personal：PERSONAL
Limit	greater or equal to 0.1USD
Arrival time	Ranging from 0 to 5 working days
POBO Capabilities	Yes
Remark Capabilities	Yes	However, whether it is displayed depends on the intermediary bank and the beneficiary bank, and cannot be guaranteed.
Cost Bearing Model	OUR: Merchants are responsible for paying all payment fees. These fees will include any intermediary and agent bank fees required for the recipient to receive the full amount (Possible exceptions may apply). SHA: Merchants and payees share payment fees. By selecting this option, after the transfer is made, the intermediary bank and agent bank fees will be charged to the payee.	*The transfer fee depends on the beneficiary bank. Generally, the fee of a large bank will be lower, while a small bank may have many intermediary banks; It’s difficult to determine what the final cost of a SWIFT transaction will be

3.How to use

When a merchant uses SWIFT to make a payment, the following information of the payee needs to be provided. The bank will then transmit the SWIFT message. Since the intermediary bank and agent bank involved in the transfer process cannot confirm, this process may take 0 to 5 working days.

• Payee’s account number (local account number or international bank account number IBAN)
• Payee name
• Beneficiary bank number (SWIFT Code)
• cost bearing model *For field descriptions, see:【SWIFT Product Description】 Before transferring money, please confirm that the recipient's bank is a member of SWIFT. *Note: Although the charge-bearing model (OUR/SHA) included in the SWIFT payment instruction illustrates the wish/intention of the paying bank, there are some situations:
• Intermediary and beneficiary banks may ignore or not support specific types
• If the instruction passes through the local clearing system during transmission, the instruction may be lost. Therefore we cannot guarantee that your payee will receive exactly the expected amount via SWIFT (regardless of which mode).