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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Specify a name for the uploaded file. The components of the final exchange rate used for conversion are:. The cover message format to be used during message generation is derived as follows:. The options available are:. Select the time indication code from the following values available in the option list:.
You should also specify the number that identifies the instrument. You can specify the final Receiver as apart from the Account With Institution if the Ultimate Beneficiary desires that the payment message should be sent there.
Here you can indicate the no of transactions to be included in an MT message. For maintaining the settlement modes for such transactions, you have to indicate the source code of the external system here.
Here you can enter either:. The following message types are used to handle the cover messages in the new format:. Field 32A will display the credit amount and currency, while field 33B will display the debit amount and currency in case of cross-currency payments. If the bank is a customer of your bank, you can select the CIF ID assigned to the bank from the option list. The adjoining option list offers the following factory-shipped codes:.
These screens contain fields that can capture details of all the possible parties through whom the funds involved in a contract can pass. Since CL is the module used for the multimode settlement the different modes available are:. New BIC records will be created for records that bear the tag N.
Updating BICPlusIBAN (SWIFT Integration Projects)
Here you can specify information, from the Ordering Party to the Beneficiary Customer, about the reason for the payment. In this case Citibank, Mumbai will be the Intermediary. You can maintain settlement instructions for all the branches or for a particular branch. You can choose the appropriate one. The Intermediary may be a branch or affiliate of the Receiver or of the Account With Institution, or an entirely different financial institution. In the above screen, you can base your queries on any or all of the following parameters and fetch records:.
Time Indication, specifies one or several time indication s related to the processing of the payment instruction. Specify the country of the intermediary institution.
The same approach is followed for party B whose bicplusibab are bicplusibzn from sequence B of the message. The description of the selected bank, where the external counterparty account resides, is displayed here. For the above combination of Source, Module, Product and Currency, you can maintain multiple settlement modes and the associated details given below:.
Check this box to indicate that you would like to enable the Netting option for the various components Amount Tags involved in the transaction. This field is populated with the institution from which sender received the funds.
The receiver of the MT is the Remitting bank. You can maintain different settlement instructions for different products. Mandatory Sequence B underlying customer credit transfer details. You can maintain several settlement combinations for an Ultimate Beneficiary.
Choose the appropriate one. This contains information about the IBAN structure applicable in the countries. If the BIC of the ordering institution and sending bank are the same, this field generation in the message is mandatory. From the option list select the specific customer number or choose the ALL option. 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.
This could be instructions or additional information for the Receiver, Intermediary, Account With Institution or Beneficiary Institution. You can make entries into this field only for a customer transfer MT or MT This adjoining option list displays all valid country codes maintained in the system. In this field, you can enter one of the following:. dirrctory
You have the option of deleting the information captured in this field. Whenever the queue exceeds 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. The MT, which is a customer transfer message, consists of 12 fields each having its own identity and field number. In the Settlement Instructions screen you would have maintained the settlement accounts for an entity, module, currency and branch combination.
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 bicplusibn disabled, it means that the function is not allowed.
Details entered in the Intermediary field of the Settlement Instructions screen are defaulted here. The system shows only those receivers whose details you have maintained in the customer maintenance with MT as Y. The modes are captured for a Source, Module, Product and Currency combination.
The BICPlusIBAN directory
For the IBAN to be considered as valid, following conditions should be satisfied. Addresses bearing the tag D will be automatically deleted.
This is the code for the transaction type. In addition to maintaining a bicplusibaj agreement for each counterparty, you have to specify whether or not the contract is under the netting agreement for each contract involving the counterparty.
Cover details for local clearing will capture Clearing Network.