Bank-to-Bank Procedures check0 / 1 answered · 0 correct
Check 1
What should you do with a procedure that says “your bank MUST send our wording unchanged”?
Procedure Due Diligence
How to read a 10–20 step “SOP” without assuming it is banking law.
Classify every step
Mark each step as rule requirement, SWIFT message purpose, bank policy or negotiated market procedure.
Reviewed: September 2026Standards and bank policy can change.How MyGreed classifies proceduresOfficial-source directory
Identify obligations
Who promises what, to whom, for how much, under what trigger, and what happens if the promised message never arrives?
Check bank capability
Ask each bank whether it actually offers the requested product/message/undertaking. A counterparty cannot bind your bank by writing a procedure.
Verify independently
Use independently sourced bank contacts and your own bank. Be cautious when a procedure forbids bank-to-bank verification or demands advance payment before independent checks.
Source / standards noteProcedure terminology can be market-specific. MyGreed distinguishes formal rules/message functions from bank policy and negotiated transaction steps.
Remember thisA procedure can be commercially agreed without being a universal “standard bank procedure.”
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