What does the code "OUR" signify in payment processing?

In payment processing, the code "OUR" signifies that all fees related to the transaction will be paid by the remitter, meaning the person sending the payment. This is crucial because it ensures that the beneficiary receives the full amount intended without any deductions for transaction fees.

In practice, when a remitter chooses the "OUR" option, they accept responsibility for any charges that may arise during the processing of the payment, whether through their own bank or the receiving bank. This choice is often used in international transactions where there may be various fees that could reduce the net amount received by the beneficiary.

Understanding the implications of "OUR" is important for both the sender and the recipient as it affects the total funds transferred and can influence decisions related to payment methods and the expected amount received.