When a transaction is complete, the US solution provider is essentially holding on to the funds (minus their commission). These funds can be pushed into the local US Nostro account (via FedWire), from where the payout partner will have control of the money, or if the payout partner does not have a US Nostro account, then the funds are sent via international wire transfer, i.e. SWIFT to the bank account in the name of the payout partner in the country of their choice.
All of the money is transferred here (minus the solution provider’s commission).
-  Explanation of Cross Border Money Transfer (Pre-Funded and Non-Pre-Funded)
-  Flow of Funds for Correspondent Accounts (for Remittance as a Service) – USA Only
-  Understanding Custody of Funds in Money Transfer / Remittances.
-  What is a Flow of Funds (or FoF for short)?
This page was last updated on January 18, 2023.