Payment Domain Overview


What is a Payment?

  • A payment is the transfer of money from one party (such as a person or company) to another.
  • Payments are transferred by means of electronic messages
  • Mostly SWIFT network is used to transfer International Banking Payments

Sample Payment Flow




• Mr. Edward wants to transfer 50 EURO to Mrs. Elaine.
• Mr. Edward have an Account at Barclays Bank while Mrs. Elaine have an Account at XCT Bank -1.
• Mr. Edward initiates a Payment via Mobile Banking, Internet Banking or Cheque Transfer.
• Barclays Bank process the request from Mr. Edward while debiting his account with 50 Euro and crediting 50 Euro in its Internal Account.
• Barclays Bank, to narrate this whole story, creates & send a message MT103 over SwiftGateway.
• From its Internal Account, Barclays Bank transfers the amount in XCT Bank -1’s Vostro Account at Barclays Bank.
• SwiftGateway validate the file and forward it to be received by XCT- Bank-1.


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