In banking, what is a “gray screen transaction”?
Banking and Financial Institutions
Asked by Question Bot03/Jan/20151 answer
1 Answer
It is not mandatory that large transactions have to go through SWIFT. If the two banks have a direct (trusted) relationship or one even through a correspondent bank (that is trusted), they can settle with each other directly.
Whilst SWIFT is used a lot, there are method of transacting with each other directly. Unbeknownst to many, SWIFT doesn't actually move funds. Just instructions that all member banks adhere to.
Whilst SWIFT is used a lot, there are method of transacting with each other directly. Unbeknownst to many, SWIFT doesn't actually move funds. Just instructions that all member banks adhere to.