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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This information is inserted in Field 71A of an MT message involving the combination for which settlement instructions are being maintained.
2. The Settlements Service
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. The system will use this information if settlement mode maintenance is not available for a product under the selected module. If a particular Ultimate Beneficiary is selected in Parties tab 2, then the Account with Institution for the selected ultimate beneficiary will appear by default in the AWI field bicplusibqn the Parties tab 1 screen.
Select the relevant account number of the customer from the available options. This is the code for the transaction type. This PC contract will be created based on the appropriate transaction currency based on the Clearing Network that is maintained as part of the Settlement Instructions.
The dirextory approach is followed for party B whose details are extracted from sequence B of the message. Here, you have to indicate the product of the transactions that have to be settled using different modes.
The BICPlusIBAN directory
The Intermediary may be a branch or affiliate of the Receiver or of the Account With Institution, or an entirely different financial institution. In this section you can maintain details of the party who will bear the charges incurred in processing the transaction.
You blcplusiban indicate the mode of sending advice to beneficiary here. The Messaging system, on the other hand, handles the generation of settlement messages. 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. The Ordering Institution is the financial Institution, which is acting on behalf of itself, or a customer, to initiate the transaction.
You can view the message status in the incoming browser. In the settlement messages that are generated MTMTthe settlement amount would be reported in the Settlement Account Currency. This field corresponds to field 26T of the MT message. The upload sequence is based on the modification tags in the BIC records.
Specify the country of the ultimate beneficiary. This could be instructions or additional information for the Receiver, Intermediary, Account With Institution or Beneficiary Institution.
Specify the country of the account diirectory institution. When a contract is entered for the customer in any module, the values that you maintain here will be defaulted for MT generation in respect of the contract, and you can view them in the Settlement sub-screen of the contract main screen. Specify the account number of the ultimate beneficiary firectory which funds need to be credited. The Settlements system provides for a common direcory up of money settlement accounts and routes.
The system will pick the credit transactions above this limit for customer account statement report. Here, you can enter the name and address or the account number of the Customer, ordering the transaction. If the BIC of the ordering institution and sending bank are the same, this field generation in the message is mandatory.
In the list you can find only those customer numbers maintained for the receiver in customer BIC maintenance with MT flag as Y. The following options are available:.
bicplusibna The information maintained in the Ultimate Beneficiary field is defaulted here. The settlement amount would be EUR 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. MT is a transaction message requesting latest bicplisiban available for the particular account.
During message generation, the system will replace the BIC with the corresponding name and address of the party. Details entered in the Account With Institution field in the Settlement Instruction screen are defaulted here.
Updating BICPlusIBAN (SWIFT Integration Projects)
In this field, you can enter one of the following:. Here you can indicate the no of transactions to be included in an MT message. Direvtory details are captured in the Parties screen. The MT, which is a customer transfer message, consists of 12 fields each having its own identity and field number. It also provides name and addresses of the corresponding entities.
The ERI Currency can be:. Indicate the method of payment for both Outgoing as well as Incoming Payments, for a Branch, Account and Currency combination.
If no selection is made for Account with Institution, all beneficiaries will appear for selection in the option list for Ultimate Beneficiaries in the Parties tab 2 screens. The receiver of the MT is the Remitting bank. Select the Counterparty Bank from the option list provided. In case the beneficiary BIC is invalid, then the field value will be null. Driectory value of this field is defaulted to CL Consumer Lending.
You should also specify the number that identifies the instrument. The user cannot change this value. You can specify a maximum of six instructions codes here.
The preferences maintained for an entity determine the manner in which money settlements are made on behalf of the entity. Initiators of cross-border payments within Europe are required to submit the BIC and IBAN codes to the receiver in order to bicllusiban from reduced payment transaction charges. You direcrory change it. This field gets populated depending on your entry in the Ordering institution field.
If this is not maintained, the Account With Institution becomes the default Receiver.