Serial and Cover Settlement Method


 

Serialandcoversettlement

Cover Settlement Method:

  • “Typical” European method.
  • Announcement (typically MT103) sent as close as possible to the credit party agent, to inform the credit party agent that funds will arrive.
  • Cover (typically MT202-COV/MT910) sent via OPF Bank’s correspondents towards the credit party agent to settle the payment.

Serial Settlement Method:

  • “Typical” US method.
  • No Announcement.
  • Payment (typically MT103) sent via the OPF Bank’s correspondents towards the credit party agent and settled based on the message.


 



 





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