What is UETR in International Payments?

In international trade telegraphic transfer, when we need to find the receiving bank to locate the funds in transit, most of the time the bank will require MT103, and sometimes the receiving bank needs to obtain a UETR from the bank of the remitter to further inquire about the funds in transit.

What is UETR?

The UETR is usually composed of 36 strings and is present for every international wire transfer. It is the only string in a wire transfer that an end-to-end transaction query can refer to.

The Unique end-to-end transaction reference (UETR) identifier generates an end-to-end service unique reference number when the bank that initiates the remittance generates a packet. Because UETR is the only reference number for this transaction, the bank searches for this fund to locate the location of the fund through the UETR code on the SWIFT GPI Tracker.

This allows payments to be traced by a correspondent from the sender to the final beneficiary account without data loss. As a single authentic source of payments, UETR provides full transparency to all parties in the payment chain and enables SWIFT gpi features such as payment tracking.

How does UETR

implement tracking?

Corresponding to the logistics industry, the UETR code is similar to an express waybill number, no matter how many payment carriers in the middle, how many times the transfer has been experienced, the UETR identification code always remains unchanged end-to-end to ensure that the whole payment business can be traced.

Through the above explanations, we believe that we have a certain understanding of UETR. Then, when we go to inquire about funds in transit next time, if the receiving bank cannot locate the funds, we can try to ask the remitter to find the remitting bank to see if it can provide this unique UETR identifier, which can improve the efficiency of the bank in locating funds in transit. Otherwise, as a receiving bank, it will be more passive to the funds that cannot be located.

When payment is delayed, the beneficiary (payee) needs and expects to be able to quickly find out where the money is and why the delay has occurred. For beneficiary rows, UETR can greatly reduce the occurrence of unexpected situations.

The style shown by UETR

is for reference:

If you have any problem in the transaction remittance, feel free to contact SOLUTIONS. We will be glad to assist you.

SOLUTIONS

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