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BAFT Updates USD Payments Information Chart

by BAFT Admin | Apr 12, 2019
BAFT recently updated its chart of information required by over 50 jurisdictions for the processing of both inbound and outbound USD wire transfers.

BAFT recently updated its chart of information required by over 50 jurisdictions for the processing of both inbound and outbound USD wire transfers.  BAFT first issued the chart in 2016 as an appendix to the paper entitled Practices and Guidance for Formatting Payments and Handling Inquiries Related to the Financial Action Task Force (FATF) Recommendation 16.

The information in the chart was updated by a group of experts on large-value, cross-border payments sitting on BAFT’s Payments Committee.  Samantha Pelosi, Senior Vice President for Payments & Innovation at BAFT remarked that ,“International banks find the resource to be extremely valuable in formatting payments to meet regulatory requirements, promote transparency, and enable straight-through processing.”

The chart is available to BAFT members at no charge and to non-members for a nominal fee.  It can be found on the BAFT website www.baft.org in the Library of Documents, under “Industry Standards and Guidance”.