Payments GPS bank boxes

Each stop along the payment's journey is represented by a bank box. The bank boxes are displayed in chronological order, from left to right. The beneficiary bank box is the final destination and is displayed on the far right. The beneficiary bank box is always displayed, no matter where the payment is in its journey. The beneficiary bank box contains BIC Bank Identifier Code. A format used to uniquely identify a particular bank. This code can be 8 or 11 digits in length. Visit, www.swift.com for more information., name, city, and country.

Where applicable, the bank boxes display the wire charges that were deducted at that bank. If the payment and deductions are converted to another currency at a particular bank, the bank box displays the exchange rate that was applied.

If the payment is being held at a particular bank, less information will be displayed in that bank box. The status displays Pending. The most common reason that a payment is held is that the payment could not be processed by the bank same day. Since the payment has not been sent forward, data such as the currency and amount sent, charges deducted, exchange rate, and currency conversion are not available.

The bank boxes may display the following:

• Bank name— The full name of the bank.
  Note: If there are multiple bank names for the same BIC, we display the one designated as head office.
• BIC—Bank BIC, bank city, and country.
  
  
• Received—Date the receiving party successfully got the payment. Dates are in the format mm/dd/yyyy. The timestamp is in Eastern Time (ET).
• Released—Date the sender (bank) sent the payment to the next bank
• Deductions—The fees deducted at each bank are shown in the relevant bank box in the currency in which they were deducted. This information comes from Swift. If no deductions are taken at a particular bank, no deduction information is shown in the bank box; and the label Deductions is not displayed. The total of all the deductions taken throughout the payment's journey in each currency, is displayed in the Payments GPS payment summary box.
• Instructed Amount—The amount that will be sent to the next bank.
• Rate—If the payment and any deductions were changed to another currency at a particular bank, the amounts are displayed in that bank box in the converted currency. The Rate field displays the foreign exchange rate that was used.
• Credited Amount—This value is displayed in the final bank box. It is the amount received by the beneficiary's bank, after all deductions.