What is SWIFT?

SWIFT is a messaging network that banks use to send payment instructions, especially cross-border wires. SWIFT does not hold the funds. Correspondent banks move the money. A SWIFT code (BIC) names the institution. Your ledger records the obligation. The wire is the rail that follows the message.

How does SWIFT work?

The sending bank emits a message, now often ISO 20022, with parties, amount, and a tracking id. Correspondent banks pass the instruction and settle across their nostro accounts. The receiver’s bank credits the beneficiary. This can take hours or a couple of business days.

SWIFT vs Fedwire vs ACH

Fedwire is US central-bank settlement, usually same day, high value. ACH is US batch. SWIFT is how banks talk, especially across borders. A “SWIFT payment” in a product is usually an international wire you originated through a bank that uses SWIFT.

What do you hold?

The wallet, until the bank confirms it sent, and often until you see the debit on the nostro. Intermediary fees can change the amount that arrives. Record the send amount you posted, and a fee post if the bank took one.

How it works with Blnk

Treat an outbound SWIFT wire like any other payout: wallet to @PayoutUSD_WIRE, inflight until the bank confirms. Store the UETR or reference in metadata.

await blnk.Transactions.create({
  precise_amount: 2500000,
  precision: 100,
  reference: 'swift_out_20260816_001',
  currency: 'USD',
  source: 'customer_wallet_id',
  destination: '@PayoutUSD_WIRE',
  description: 'Outbound SWIFT wire',
  inflight: true,
  meta_data: {
    rail: 'swift',
    bic: 'CHASUS33',
    iban: 'DE89370400440532013000',
    customer_id: 'cus_8f21a4',
  },
});