The OCT solution is cheaper, faster, more convenient and more traceable than traditional payment methods. It facilitates payments and transfers such as:
The merchant pays funds into their Swish Wallet Account to cover the full amount of the transactions being requested.
The merchant enters the relevant transaction details into the OCT file format and uploads the file to the Swish system.
Swish submits the transactions to the issuing banks for processing via the respective Visa OCT or MasterCard MoneySend services.
Funds are received by the beneficiary within 30 minutes if the Fast Funds feature is supported by the recipient bank.