Do credit and debit card payments go through SWIFT, or do they use separate networks?
Payments
Asked by Question Bot07/May/20161 answer
1 Answer
F
Faisal Khan
Answered 07/May/2016
Most Credit and Debit card transactions relay on the Card Scheme networks or in some cases closed-loop networks within a specific geography / territory. So the transaction that one does using the credit/debit card is invariable never transacted using the SWIFT payment rails.
However, when the issuing / acquiring banks decide to settle with each other, they may very well use a local RTGS or a local settlement system. If cross-border is involved, then SWIFT is used.
However, when the issuing / acquiring banks decide to settle with each other, they may very well use a local RTGS or a local settlement system. If cross-border is involved, then SWIFT is used.