Direct and Cover payment

[@GumaydeGufa]

just I am partner to your campainy and exactly appreciate100%

[@sathishleokumar2559]

I got your point...i just have two doubts. 1. citi praked the fund to their clearing once debited the Barkuk after that who is sending the MT 910 to Scblus...2. there is no relationship between Barcuk and Scblus then how does 103 send to scblus

[@ThePaymentGuru]

Purchase our course to know end to end business flow of different payment methods. [e-mail]

[@asmatrimony]

What about debit/credit when mt103 is sent..? I am sure account with institution isnt credited twice

[@ThePaymentGuru]

You can get to learn about the business end to end functionality from our Selfpaced/online classes by reaching out at [e-mail]

[@nehatohan967]

Are the correspondent banks in tag 53 and 54 always in the same country as of receiver? If yes then why we need tag 54 because settlement can happen between sender correspondent and receiver by local clearing mechanism.

[@nehatohan967]

If a payment has to go from India to USA then what will be the correspondent banks in tag 53 and 54?

[@ThePaymentGuru]

53 and 54 many not be necessarily local bank of receiver bank country, for matter of fact it can be any bank of another country as well, in that case 53 /54 shall have accounting relationship with final beneficiary and the settlement happens with their nostro like serial or direct payment.

[@nehatohan967]

@@ThePaymentGuru thank you

[@hardikpillai]

i understand sender bank identifying its correspondent for cross border transfer but how do they determine receivers correspondent in 103 announcement. how do sender bank decide receiver bank would like to accept the funds through the bank mentioned in field 54

[@Saravananganapathy5]

Very helpful for me and your way of teaching is good .one kind request your voice is very low pls improve your voice 🙏🙏

[@ThePaymentGuru]

Hi, We are starting our new batch for Payment Learners. Watch out this video for more information. kzbin.info/www/bejne/o4KXZn9npcd7i7M

[@Neha-zr2sp]

Why it is pain1 initiated by customer and not MT101?

[@gokulavasan8835]

Really very useful teach more swift process

[@ThePaymentGuru]

Thank you Gokula vasan. I will be uploading many videos on payments.

[@rajeshindla3307]

Hi @swift payments guru pls teach me more useful videos

[@souravchanda9555]

Hi, what would be the case if there is a Accounting Relationship but not RMA Relationship. Is this the case for Direct Payments?

[@ThePaymentGuru]

Impossible scenario!!

[@poonamhappylife]

It cleared the concept very well..

[@night1218]

Is it possible that "SCBCUS" receive 2 credits (1 from CITIUS MT202COV, 1 from BARCUK MT103)?

[@oldwineinnewbottle1835]

Yes it's possible.. actually...mt103 is a payment instruction however mt202 is cover (actual payment)...a beneficiary bank can't credit funds to.beneficary with out receiving cover funds...other wise they will get out of pocket.

[@godsonmoore8460]

@@oldwineinnewbottle1835 in case you have any sender good to go, because I have Receivers

[@ThePaymentGuru]

The scenario I took in this video, CITIUS doesn't need to send the MT202 COV message to SCBLUS,because it will go through the local clearing as it's same country payment depending upon the amount ,bank (CITIUS) decides which local clearing payment to be used, generally FEDEIRE (RTGS) for high value payment and ACH for low value payment. Imagine if there is multiple correspondant involved i.e sender correspondant let's say is CHASUS and Receiver correspondant is CITIUS then MT202 Cov will be sent first from BARCUK--->CHASUS and then 2nd MT202COV from CHASUS---->CITIUS Let me know if it clarifies.

[@sonuaggarwal334]

Any notes you have about direct and cover payment

[@abhinavbhake370]

Thank you so much for the information.very good video.

[@ThePaymentGuru]

Hi, We are starting our new batch for Payment Learners. Watch out this video for more information. kzbin.info/www/bejne/o4KXZn9npcd7i7M

[@sonuaggarwal334]

@@ThePaymentGuru but it's private video coming like this so can you suggest me how to open these videos

[@vaninaini5711]

Your vedieos are very helpful. Iam new to payments domain. Can you please suggest the sequence of vedio I should go thru.. or any material. Thanks once again

[@ThePaymentGuru]

Hi, We are starting our new batch for Payment Learners. Watch out this video for more information. kzbin.info/www/bejne/o4KXZn9npcd7i7M

[@ambarajkharatmal2538]

If BARCUK has RAM Relationship with SCBLUS then what relationship BARCUK has with CITIUS ?

[@ThePaymentGuru]

Hi, We are starting our new batch for Learners. Watch out this video for more information. kzbin.info/www/bejne/o4KXZn9npcd7i7M

[@pranaynimje7067]

You have missed mt210, please cover this MT as well in this payment cycle

[@ThePaymentGuru]

Hi, We are starting our new batch for Payment Learners. Watch out this video for more information. kzbin.info/www/bejne/o4KXZn9npcd7i7M

[@rajasekharvenkat8942]

Can u plz increase the volume Y don't u check before uploading

[@ThePaymentGuru]

Hi, We are starting our new batch for Payment Learners. Watch out this video for more information. kzbin.info/www/bejne/o4KXZn9npcd7i7M

[@poonamprajapati8120]

Please increase the volume

[@ThePaymentGuru]

Hi, We are starting our new batch for Payment Learners. Watch out this video for more information. kzbin.info/www/bejne/o4KXZn9npcd7i7M

[@poonamhappylife]

Please increase volume .

[@ThePaymentGuru]

Hi, We are starting our new batch for Payment Learners. Watch out this video for more information. kzbin.info/www/bejne/o4KXZn9npcd7i7M

[@nisari0202]

Good vedio. Could you explain why there is a need for cov payments? Is it required all the time?

[@ThePaymentGuru]

As name suggests cover means that will take care of something. So when the sender bank and receiver bank do not have accounting relationship (Nostro/Vostro) but has RMA relationship(capability of reading SWIFT format messages). In this situation Bank can opt for Cover payment. So for this there should be the sender correspondant bank and the sender correspondant bank shall have the accounting relationship bor with the intermediary bank who has accounting relationship with the receiver bank. There by sending one MT103 payment message from sender bank to receiver bank.And the fund will flow via cover message to cooreapondant banks I e, MT202 Cov.

[@deepakraj4266]

Very Less Volumes..Try to increase the volumes

[@ThePaymentGuru]

Hi, We are starting our new batch for Payment Learners. Watch out this video for more information. kzbin.info/www/bejne/o4KXZn9npcd7i7M

[@onethoughtschangetheworld2307]

Thanks

[@ThePaymentGuru]

Hi, We are starting our new batch for Payment Learners. Watch out this video for more information. kzbin.info/www/bejne/o4KXZn9npcd7i7M

[@lakshmankumar-ro1kq]

Really helpful :) 1) Why cover payment MT202COV is used/implemented ? is it bcoz of these 2 banks Bark UK and SCBC US are not direct accounting relation of settlement ? 2) In this case receiving bank sends credit funds acknowledgement sender on what MT message?

[@sairajrane2886]

For 1) After 9/11 attacks the US government made it mandatory for tracing origination of funds and details of the transaction so as to combat terrorism financing and AML,

[@ThePaymentGuru]

Hi, We are starting our new batch for Payment Learners. Watch out this video for more information. kzbin.info/www/bejne/o4KXZn9npcd7i7M

[@shivaraman9998]

Do you have whatsapp group ?

[@godsonmoore8460]

Yes and I have serious Receivers

[@indlav7715]

Soo nice of you, these videos are really helpful pls do keep post videos of payments like mt 103 202 202 cov pacs 008 009 pains etc!!please

[@ThePaymentGuru]

Hi, We are starting our new batch for Payment Learners. Watch out this video for more information. kzbin.info/www/bejne/o4KXZn9npcd7i7M