International Payments are transacted by SWIFT. This stands for the Society for Worldwide Interbank Financial Telecommunication. SWIFT provides a secure network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardised and reliable environment.
Swift is trusted by 11,000 financial institutions in more than 200 countries linking these across the world. It does not transfer funds from one bank to another or, hold accounts for its members, but transports financial messages in a highly secure way. It does not undertake any form of clearing or settlement. These financial messages are called payment orders and carry the instruction of the payment and the settling of one banks account with another bank for the payment. SWIFT ensures that the highest levels of logical security are embedded in to their services, applications and technologies by having dedicated teams of security specialists working together with leaders in their field to continuingly review all designs and security practices.
Clients will need to cancel a standing order payment the day before it is due to be sent to prevent it from being made. The cancellation of the standing order payment must be online.
Future dated International Payments will also need to be cancelled online the day before the payment is to be sent to prevent it from being made.