Beneficiary leg
From ACT Wiki
Payments - correspondent banking - SWIFT.
The beneficiary leg is a concept in correspondent banking.
A correspondent banking payment over SWIFT - and the total time it takes to be credited to the beneficiary's account - can be viewed as comprising:
- Originator leg
- In-flight leg and
- Beneficiary leg.
The beneficiary leg is the time from the beneficiary bank receiving the payment until the
funds are credited to the end-customer’s account.
The beneficiary leg can form a large element of total processing time, and be a source of undue delay.
(Source - Annual Progress Report on Meeting the Targets for Cross-border Payments p45 - October 2024 - Financial Stability Board.)
See also
- Agency
- Correspondent banking
- Deduct from beneficiary
- Documentary collection
- In-flight leg
- Network bank
- Nostro account
- Originator leg
- Payments and payment systems
- SLA partner banking
- Society for Worldwide Interbank Financial Telecommunications (SWIFT)
Other resource
- [https://www.fsb.org/uploads/P211024-3.pdf Annual Progress Report on Meeting the Targets for Cross-border Payments - October 2024 - Financial Stability Board.
