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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The Settlements system provides for a common set up of money settlement accounts and routes. The Messaging system, on the other hand, handles the generation of settlement messages.
On indicating the Bank Identifier Code, you should indicate the detailed name of the bank. If the bank is a customer of your bank, you can select the CIF ID assigned to the bank from the option list.
If the bank is not a customer of your bank, you will have to manually enter the name and address of the bank. If an arrangement does exist you can select the Yes option from the option list. Select the appropriate sub-type code to be mapped to the BIC. The adjoining option list offers the following factory-shipped codes:.
Choose the appropriate one.
In case of upload, the system automatically updates this field with the sub-type code corresponding to the BIC. You cannot modify this field. This list displays the following values:. You can indicate whether your counterparty whose BIC Code details you are capturing is capacitated to receive payment messages in the MT format.
Moreover, you should also ensure that you have also enabled this option:. Indicate the maximum size in bytes, agreed upon between the two parties for transmitting a MT message. A null value in this field signifies that there is no limit set on the bicplusiiban of the message. Whenever the queue bicplusoban the maximum size specified in the BIC maintenance, the system automatically splits the queue into multiple queues to contain the message within the specified limits.
Select this option to generate MT message. This is a primary selection criterion. Here you can indicate the no of transactions to be bicplsiban in an MT message.
The BICPlusIBAN directory
If you donot specify a value it will be defaulted to It also provides name and addresses of the corresponding entities. Initiators of cross-border payments within Europe are required to submit the BIC and IBAN codes to the receiver in order to benefit from reduced payment transaction charges. Specify the unique key of the record in the file. This consists of ISO country code and sequential number of six digits. In the above screen, you can base your queries on any or all of the djrectory parameters and fetch records:.
Bicplusban records meeting the selected criteria are displayed. The invalid IBANs specified in the exclusion will not be available for selection while you enter a bank code during any operation in the system. Even if you have uploaded the exclusion list, you can see the IBAN national ID in this screen only from the date of firectory of the exclusion. For the IBAN to be considered as valid, following conditions should be satisfied. This contains information about the IBAN structure applicable in the countries.
Specify the source from which you want to upload details. You can select the appropriate source code from the drop-down list displaying the following values:.
Specify a name for the uploaded file. Refer this chapter for further details. On an existing BIC code record, you can perform any of the following operations if a function under the Actions Menu is disabled, it means that the function is not allowed for the record:. Apart from defining a new BIC code record you can perform any of the following operations on an existing record if any function under the Actions Menu is disabled, it means that the function is not allowed.
It is assumed that the upload source contains details of all relevant BIC codes.
BIC addresses that have changed will be appropriately updated. Addresses bearing the tag D will be automatically deleted. New BIC records will be created for records that bear the tag N. The upload sequence is based on the modification tags in the BIC records. The sequence will occur in the following order:. The file upload is processed in an asynchornous manner. The system prompts the user to check the logs. Specify the name of the ultimate beneficiary for whom you are maintaining details.
You can maintain several settlement combinations for an Ultimate Beneficiary.
Validate SWIFT BICPlusIBAN Activity
Specify the account number of the ultimate beneficiary to which funds need to be credited. The account number should be a valid account with the bank that you specify in the BIC Code field. Specify the address of the ultimate beneficiary. Each row can contain a maximum of thirty five alphanumeric characters.
Specify country code of the ultimate beneficiary for whom you are maintaining details or select the country code from the option list provided. Specify the CIF number of the ultimate beneficiary for whom the details are being maintained or select the CIF number from the option list provided. You can indicate the mode of sending advice to beneficiary here. The following options are available:.
All settlements are, typically, made using accounts. The different modes can be:. You can also make settlements using a combination of any of the modes mentioned above i. The modes are captured for a Source, Module, Product and Currency combination. For maintaining the settlement modes for such transactions, you have to indicate the source code of the external system here. The source codes of all external systems are available in the option-list provided from where you can make the appropriate selection.
You have to specify the module of the transactions that have to be settled using different modes. Dirextory value of this field is defaulted to CL Consumer Lending. You cannot modify this value. Here, you have to indicate the product of the transactions that have to be settled using different modes.
The option-list will display the different products bicplussiban under the selected module. The system will use this information if settlement mode maintenance is not available for a product under the selected module. You have to specify the currency of the transactions that have to be settled using different modes. Bicpulsiban will be used if maintenance directody a specific currency is not available.
Updating BICPlusIBAN (SWIFT Integration Projects)
For the above combination of Source, Module, Product and Djrectory, you can maintain multiple settlement modes and the associated details directofy below:. For the selected combination, you have to specify the settlement mode. The list of available modes is predefined in the system bicpluusiban you can select a mode from the drop-down list. Since CL is the module used for the multimode settlement the different modes available are:.
This GL will be used only when the bank is making a payment. The settlement account gets credited in this case. For the selected settlement mode, if the originating transaction results in a linked transaction, you need to specify the product that should be used to create the linked transaction.
This product will be used when the settlement account gets credited. The selected account gets debited in this case. If the originating transaction payment received results in a linked transaction, you have to specify the product to be used to create the linked transaction.
This product will be used when the settlement account gets debited. 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.
While processing an FT for the customer the appropriate charge account is picked up depending on the customer, currency and branch processing the FT.
In addition, you can maintain the details of the various intermediaries involved in directoey and cirectory.
The preferences maintained for an entity determine the manner in which money settlements are made on behalf of the entity. You can maintain settlement instructions for all the customers or for specific customers only.
From the option list select the specific customer number or choose the ALL option. You can maintain different settlement instructions for different products. If you choose a specific module for maintaining settlement instructions, then you can choose any Product available under the module from the option list provided. Indicate a specific product code or choose All from the option list.
You will not be allowed to change this. 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. You can maintain settlement instructions for all the branches or for a particular branch.
From the option list select the particular branch code or choose the ALL option. Indicate the method of payment for both Outgoing as well as Incoming Payments, for a Branch, Account and Currency combination. Specify whether charges for the message are to be borne by the bank ourselves or the beneficiary, or will be shared.
This information is inserted in Field 71A of an MT message involving the combination for which settlement instructions are being maintained. You can select one of the following options:.
This indicates whether the payment has to be sent with a cover message. Check this box to enable this option.