SWIFT

Key Features:

• Extensive Global Reach: Access a wide network of local and international payment rails.
• Real-Time & Same-Day Settlement: Utilise instant payment schemes like SEPA Instant and Faster Payments, alongside efficient same-day SWIFT and local clearing.
• High Transaction Limits: Facilitate large-value transactions with confidence.
• Customizable Sender Name: For most SWIFT the sender name can be customised to reflect your underlying customer's name (Atlas for Fintech only)
• Sender payment are sent as SHA at this time (for USD to China, Taiwan, USA, Kenya see relevent regional sections)

Key Concepts: SHA vs. OUR When sending funds via SWIFT, there are different ways to handle the transaction fees. It is vital to understand the difference to manage customer expectations.

SHA (Shared): The sender pays Verto’s transaction fee. The beneficiary pays all other fees charged by intermediary and receiving banks.

Result: The beneficiary receives less than the amount sent.

OUR: The sender pays all fees (Verto’s fee + intermediary fees).

Result: The beneficiary receives the full amount sent (Principal Protection).

Verto Policy & Coverage 🌍 Global Standard: SHA Only For the vast majority of global payments, Verto currently only supports SHA payments.

Currencies affected: USD, EUR, GBP, and most others.

What this means: If a customer sends 1,000 USD, the recipient might receive 975 USD. The $25 difference was deducted by the correspondent (intermediary) bank, not Verto.

🇨🇳 🇹🇼 The Exception: China & Taiwan There is a specific exception for payments sent to China and Taiwan.

Method: These are always sent as OUR.

Benefit: Principal Protection applies (the recipient gets the exact amount).

Cost: Verto does not charge an additional fee for this specific service/principal protection.

3. Understanding Fee Deductions

If a customer claims funds are missing, use the following logic to explain the situation:

Verto's Role: We only deduct the transaction fee agreed upon at the time of booking. We do not take hidden cuts from the principal amount.

The Correspondent Bank's Role: In the SWIFT network, funds often pass through intermediary banks. These banks charge a fee for processing the transfer.

The Rule: Any fees deducted from the principal amount are ALWAYS done by the corresponding/intermediary banks or the recipient's own bank.

Investigation Protocol 🕵️‍♂️ ⚠️ IMPORTANT: Do not escalate a "missing funds" ticket to the Customer Services team immediately. You must follow this strict process:

Step 1: The "Recipient Check" The most common reason for a shortfall is the recipient's bank or their correspondent bank deducting a fee.

Action: Advise the Verto customer to have the recipient contact their own bank.

Question to ask: "Did your correspondent bank deduct a landing fee or processing fee?"

Step 2: The "Burden of Proof" We cannot investigate a shortfall based on a verbal claim.

Action: The recipient must obtain written proof from their bank stating that neither they nor their correspondent bank took fees.

Step 3: Escalation Only once the customer provides this written proof can the ticket be escalated to Verto Customer Support Ops for investigation.

Summary: No written proof from the receiving bank = No internal investigation.

5. The "Pro Tip": Prevention Strategy 💡 The best way to stop customers from complaining about correspondent fees is to help them avoid the SWIFT network entirely.

Recommendation: Always encourage Local Currency Payouts.

How it works: Instead of sending USD to a bank in Brazil, send BRL.

Why: This utilizes local payment rails (like ACH in the US, SEPA in Europe, or local transfers elsewhere).

The Result: Local rails generally do not include correspondent charges, ensuring the full amount arrives.