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Oh, not too sure how different they are, but definitely even with domestic wires, many custom/human-review-required fields seem to exist. With international w
by supernova87a 5y ago
Oh, not too sure how different they are, but definitely even with domestic wires,
many custom/human-review-required fields seem to exist.
With international wires, I am sure that even more complications exist with which currency it's to be settled in, etc.
And I have no idea/am curious whether the information about ownership of the account is transmitted with the transaction, to track whether the same person owns both accounts, etc?
- atdrummond 5y agoDomestic US wires are (with the exception of flagged or manual telephone Fedwire placements) automatic through the Fedwire system, which is a RTGS (real time gross settlement) system. Most Euro denominated payments (not sure I'd call them wires anymore) are also automatic, cheap and easy thanks to SEPA's wide proliferation. Most of the time the extra info not actually required for automatic processing is in case the payment doesn't go through as intended, as well as for compliance reasons. As Elric notes above, international payments (outside a common currency zone with a system like Fedwire/SEPA) is where things get tricky/manual processing often comes into play.