SWIFT / cross-border
PAYMENTS SIGNAL · REFERENCE CARDIndia to USA: an outward remittance (MT103, INR to USD)
A resident individual in India sends dollars to a friend's US account — Form A2, FEMA/LRS compliance, currency conversion, and a serial MT103 through one US correspondent.
Actors
- Remitter (India)customer
- Ganga Bank (Indian AD Category-I bank)bank
- Liberty Union Bank (US correspondent)bank
- Cascade Bank (beneficiary's US bank)bank
- Beneficiary (USA)customer
Messages
- MT103
The sequence
| # | Step | Route | Kind |
|---|---|---|---|
| 1 | Instruction + Form A2 — The remitter asks Ganga Bank to send dollars to a friend in the US | Remitter → Ganga Bank | message |
| 2 | FEMA & LRS check — Ganga Bank checks the declaration before touching the money | Ganga Bank | internal |
| 3 | Convert INR to USD — Ganga Bank converts the rupees to dollars | Ganga Bank | posting |
| 4 | MT103 — Ganga Bank sends the MT103 to its USD correspondent | Ganga Bank → Liberty Union | message |
| 5 | Validate & screen — Liberty Union validates and screens in the middle | Liberty Union | internal |
| 6 | Book transfer — Money moves across the books of Liberty Union | Liberty Union | settlement |
| 7 | MT103 — The MT103 continues serially to Cascade Bank | Liberty Union → Cascade Bank | message |
| 8 | Validate & screen — Cascade Bank validates the incoming payment | Cascade Bank | internal |
| 9 | CR beneficiary — The beneficiary is credited | Cascade Bank | posting |
Exception rails
| Rail | Trigger | Where the money ends up | Next action |
|---|---|---|---|
| Rejected before conversion: purpose code mismatch | The purpose code on Form A2 doesn't match what the remitter told Ganga Bank the transfer is for. | Never left the remitter's account — no conversion or debit was booked. · No interbank message was ever sent. | Ganga Bank — The remitter refiles Form A2 with the correct purpose code and resubmits. |
| Held, then released: an OFAC name-match false positive | Cascade Bank's inbound OFAC screening flags a name similar to one on a sanctions list. | Credited to the beneficiary once the hold was cleared. · Interbank settlement had already completed before the hold — only the final credit to the customer was delayed. | Cascade Bank — Cascade Bank's investigation notes the resolution so a repeat match for the same beneficiary clears faster. |