Boost the quality of IBANs and BICs in SEPA paymentsThanks to SWIFT’s new BICPlusIBAN Directory, sending banks can validate the IBANs. The data files used to populate BICPlusIBAN directory must be obtained from SWIFT directly. The sample BICPlusIBAN directory from SWIFT OTD Library is only. This is optional. If such a resource is not available BIC codes are not validated. Ony one of BIC or BICPlusIBAN directory must be present.
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Refer this chapter for further details. Indicate the method of payment for both Outgoing as well as Incoming Payments, for a Branch, Account and Currency combination. If the BIC of the ordering institution and sending bank are the same, this field generation in the message is mandatory. In the Payment By field, indicate the mode of payment, either Message or Clear Details; and in the Cover By field, indicate the mode through which cover must be available. The cover message format to be used during message generation is derived as follows:.
It could be either:. It also provides name and addresses of the corresponding entities.
Indicating preferences for an entity means defining the settlement accounts and a detailed settlement route comprising the correspondent accounts and the intermediaries through which payment is to be routed. Next interest date in case of schedules else Maturity Date.
This field can contain reference numbers, invoice numbers or any other details, which will enable the Beneficiary to identify the transaction. The information maintained in the Ultimate Beneficiary field is defaulted here. If the bank is a customer of your bank, you can select the CIF ID assigned to the bank from the option list. Similarly, if a component is to be received the debit account chosen becomes the receive account in the settlement maintenance.
You cannot change this value. This information is inserted in Field 71A of an MT message involving the combination for which settlement instructions are being maintained.
Specify the account number of the ultimate beneficiary to which funds need to be credited. You can maintain settlement instructions for a particular currency or for all the currencies From the option list select the particular currency code or choose the ALL option.
The country information is captured to enable Mantas to analyse the transactions for possible money laundering activities. This is the code for the transaction type. Direcyory will be defaulted as part of Settlement pick-up during Contract input and used subsequently while generating a PC Contract. Tina Shenoy with Citibank, Mumbai, for her birthday.
For transactions involving any relationship pricing benefit scheme, the customer specific exchange rate derived by adding the original exchange rate and the customer spread maintained for the relationship pricing scheme, gets displayed here. Each row can contain a maximum of thirty five alphanumeric characters. Else the BIC of the Nostro account is defaulted.
Validate SWIFT BICPlusIBAN Activity
The ERI Currency can be:. Before funds actually reach the Ultimate Beneficiary of a payment, it may have to pass through several other banks or parties. This is used during the transition period, settlements of components in ‘In’ currencies can be made either in the same currency or in the Euro EUR depending on the settlement account s maintained.
In this section you can maintain details of the party who will bear the charges incurred in processing the transaction.
You can also indicate whether a cover is required for payment, and whether the cover is through messaging or over the local clearing network.
Depending on the type of contract you are processing, and the number of banks involved, you should enter details in these screens.
Updating BICPlusIBAN (SWIFT Integration Projects)
If you indicate that cover is through messaging, and the payment is through local clearing, you need to maintain the local clearing counterparty details in the Local Clearing tab. Indicate a specific product code or choose All from the option list. For the above combination of Source, Module, Product and Currency, you can maintain multiple settlement modes and the associated details given below:.
The format of the message depends on the type of S. Moreover, you should also ensure that you have also enabled this option:. Specify the name of the ultimate beneficiary for whom you are maintaining details. BIC addresses that have changed will be appropriately updated. If this is not maintained, the Account With Institution becomes the default Receiver.
Specify the country of the account with institution. For Pay message, system will validate whether the intermediary if intermediary is not present, the Account with Institution AWI will be validated and if the AWI is also not present then receiver will be validated is a RTGS participant.
Validate SWIFT BICPlusIBAN Activity
This field would bicplusibsn filled up only if the Regulatory Reporting for the underlying FT Contracts differs.
You can choose the appropriate one. The same approach is followed for party B whose details are extracted from sequence B of the message. In such cases, input to field 33B will be mandatory.
The information captured in the Ordering Customer details field will be defaulted here only if the details are different from the Ordering Institution. Specify the country of the beneficiary institution.