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Telegraphic Transfer Payment (TT)

  • October 17, 2023
  • 1 reply
  • 44 views
R
Hero (Employee)
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Hi Colleagues,

 

Has anyone implemented TT - Transfer using (any) Payment Method/Payment Format available in IFS Standard? I got a requirement to have a Payment Method as “TT”. Any guidance is much appreciated

 

Thank You

Best answer by Eranda

@Ramessh Kanna As far as I know almost every Telegraphic Transfers (TT) are currently handled via SWIFT network since telegraphic cable lines are not common now. In some countries, international Wire transfers via SWIFT network are also interpreted as outward TT payments. To answer your question, I would like to know your IFS customer’s country. If their bank supports ISO20022 format, you can do the outward SWIFT transfers via ISO20022 CT payment format. 

1 reply

Eranda
Hero (Partner)
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  • Eranda
  • Hero (Partner)
  • Answer
  • October 17, 2023

@Ramessh Kanna As far as I know almost every Telegraphic Transfers (TT) are currently handled via SWIFT network since telegraphic cable lines are not common now. In some countries, international Wire transfers via SWIFT network are also interpreted as outward TT payments. To answer your question, I would like to know your IFS customer’s country. If their bank supports ISO20022 format, you can do the outward SWIFT transfers via ISO20022 CT payment format. 

Kind Regards, Eranda
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