QA2019-33 - Chain transactions - Payments to non-MFIs

Owned by SRB Services
Feb 01, 2024
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QA2019-33

Question


How to treat chains of transactions? For example, if a bank uses another bank to process a payment transaction initiated by one of its (retail) clients.


Response


If a bank processes a payment order which is initiated by a client that is not an MFI, it should report it under F22 'Payment services to non-MFIs'. If it uses another bank to process the transaction and, for example, send it through an FMI, then the other bank, which offers intermediation services to the first bank, may report that same transaction (individually, or as part of a batch or otherwise) under F21 'Payment services to MFIs', as appropriate.