Original Credit Transaction

Original Credit Transaction
OCT (Original Credit Transaction) is an innovative payment system for fast and convenient fund transfers to over a billion eligible Visa, MasterCard or Maestro cards.
Swish facilitates OCTs by utilising the push payment capabilities of the Visa OCT and MasterCard MoneySend services.

Uses of OCT

The OCT solution is cheaper, faster, more convenient and more traceable than traditional payment methods. It facilitates payments and transfers such as:

  • Fund disbursements by e-commerce marketplaces
  • Government disbursements (such as VAT refunds)
  • Forex and binary option trade payouts
  • Affiliate and contractor payouts
  • Expense reimbursements
  • Corporate and manufacturing rebates
  • Insurance claims

How Does it Work?

  • Step 1

    The merchant pays funds into their Swish Wallet Account to cover the full amount of the transactions being requested.

  • Step 2

    The merchant enters the relevant transaction details into the OCT file format and uploads the file to the Swish system.

  • Step 3

    Swish submits the transactions to the issuing banks for processing via the respective Visa OCT or MasterCard MoneySend services.

  • Step 4

    Funds are received by the beneficiary within 30 minutes if the Fast Funds feature is supported by the recipient bank.

Benefits of OCT

Global

OCT allows Swish merchants to send funds to beneficiaries in over 200 countries, in multiple currencies.

Convenient

The Swish OCT service provides a convenient and user-friendly system for sending funds anytime, anywhere.

Fast

If the Fast Funds feature is supported by the issuing bank, the beneficiary will receive payment within 30 minutes.

Reliable

OCT uses the existing, fast and efficient Visa and MasterCard networks to process the transfer of funds.

START SENDING OCT PAYMENTS WITH SWISH