Cross-Currency Payments and SWIFT

Dominique Rambure and Alec Nacamuli

Chapter 3 in Payment Systems, 2008, pp 43-51 from Palgrave Macmillan

Abstract: Abstract We have so far been talking about payments involving one currency, be it US dollars, euro or Japanese yen. International trade and mobile individuals increasingly demand payments to be effected to settle debts in a different currency than that in which the initiator holds his account, for instance a Japanese manufacturer invoicing a US importer in yen. These used to be called ‘international payments’ or ‘cross-border’ payments, but since the advent of the euro which is now the legal currency in 15 of the EU countries, it is more correct to distinguish between cross-currency payments for our example above and cross-border payments when creditor and debtor are located in different countries but the payment is in a common currency — for instance a euro payment between euro accounts in the Netherlands and Spain.

Keywords: Payment System; Payment Instrument; Anti Money Launder; Basket Currency; International Payment (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:pmschp:978-0-230-22721-7_3

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DOI: 10.1057/9780230227217_3

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