Payment : Instructed vs Settlement Day


 

Payment : Instructed vs Settlement Day:

  • Instructed Day: Day at which the party initiating a credit transfer initiation requests the OPF Bank to process the payment (equivalent of the SWIFT-MT101’s field 30).
  • Settlement Day: Day on which the amount of money ceases to be available to the party that owes it and when the amount of money becomes available to the party to which it is due:
    • Incoming settlement day: settlement day applicable at the incoming side (debit side for credit transfers).
    • Outgoing settlement day: settlement day applicable at the outgoing side (credit side for credit transfers).


 



 





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