The beneficiary bank is the financial institution that services the Recipient's account or otherwise makes transferred funds available to the Recipient. It is the endpoint institution in the payment chain, although the payment may reach it through one or more intermediary institutions.
Quick reference for Beneficiary bank
| Check | What it means for the transaction |
|---|---|
| Category | Global B2B payment operations |
| Record to keep | Keep the instruction, party and account identifiers, validation result, timestamps, institution references and reconciliation outcome. |
| Do not infer | Initiation, processing, clearing and settlement are different events. One status should not be used as proof of another. |
Beneficiary bank and nearby terms
- Intermediary bank: An intermediary bank is a financial institution that helps route a payment between the sending bank and the recipient's bank.
- SWIFT payment: A SWIFT payment is commonly understood as an international bank transfer instructed using financial messages sent through the Swift network.
