PAYMENT FORMATTING GUIDELINES - Harvard University

[Pages:77]PAYMENT FORMATTING GUIDELINES

03.2014 Version 2.7

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TABLE OF CONTENTS

CURRENCY GUIDELINES ................................................................................. 3 MAXIMIZING THE USE OF THE GUIDELINES .................................................. 3 BBAN / BASIC ACCOUNT NUMBER .................................................................. 3 IBAN / ACCOUNT NUMBER ............................................................................... 3 SWIFT / BIC CODE ............................................................................................. 4 BANK CODE ....................................................................................................... 4 NON-SWIFT BIC ................................................................................................. 5 ADDITIONAL REQUIREMENTS ........................................................................ 5 IBAN & SWIFT CODE COUNTRIES ................................................................... 6

COUNTRY CURRENCIES (BY CURRENCY CODE) CURRENCIES A - E............................................................................................ 7 EURO IBAN REQUIREMENTS ......................................................................... 21 CURRENCIES F - J .......................................................................................... 29 CURRENCIES K - O ......................................................................................... 35 CURRENCIES P - T .......................................................................................... 45 CURRENCIES U - Z.......................................................................................... 54

ADDENDUM 1.1 LOW VALUE QUICK GUIDE.................................................. 58 ADDENDUM 1.2 IBAN QUICK GUIDE .............................................................. 59 ADDENDUM 1.3 CUTOFF GUIDE .................................................................... 61 ADDENDUM 1.4 BEST PRACTICES QUICK GUIDE........................................ 68 ADDENDUM 1.5 DOCUMENT MODIFICATION HISTORY............................... 73

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CURRENCY GUIDELINES

Below are guidelines based on currency, regarding the formatting of account numbers, in addition to any other necessary information required by Western Union Business Solutions and/or the beneficiary institution that may be mandatory to effect payments to the intended beneficiary. Please note that ALL payments require an account number to accompany the transaction, the following guide should provide a framework for validating the account number and that mandatory requirements are satisfied prior to processing.

If additional information is necessary to transfer certain currencies into certain geographical areas, it will be indicated in the Guide for Specific Country Requirements or the Best Practice Guide.

When applicable, Low Value Payment guidelines will be provided under the designated

currencies: AUD, CAD, EUR, GBP, HKD, NZD, NOK, USD and SGD*.

MAXIMIZING THE USE OF THIS DOCUMENT

When using this document, it is important to verify currency requirements when sending a foreign currency wire to the specified beneficiary bank country. By doing so Western Union Business Solutions will be able to continue to seamlessly process all payments while minimizing any requests for additional payment processing information.

BBAN/BASIC BANK ACCOUNT NUMBER

The Basic Bank Account Number (BBAN) is an identifier that uniquely distinguishes an individual account, at a specific financial institution, in a particular country. The BBAN includes a bank identifier of the financial institution servicing that account. The BBAN is implemented by each national banking community and is comprised of the domestic account number, branch details and routing information. The BBAN serves as the core of the IBAN.

IBAN/INTERNATIONAL BANK ACCOUNT NUMBER

The International Bank Account Number (IBAN) is an international standard for identifying bank accounts across national borders.

The IBAN was originally developed to facilitate payments within the European Union but the format is flexible enough to be applied globally. IBAN imposes a flexible but regular format for account identification and contains validation information to avoid errors of transcription.

The IBAN's primary purpose is to facilitate cross-border inter-bank routing and avoid routing errors.

The IBAN consists of a 2 digit country code, followed by two check digits and up to thirty alphanumeric characters for the domestic bank account number, called the BBAN (Basic Bank Account Number). It is up to each country's national banking community to decide on the length of the BBAN for accounts in that country, but its length must be fixed for any given country. Further specifics regarding different country IBAN lengths and characteristics are detailed below.

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When a country has an established IBAN, Western Union Business Solutions recommends using the IBAN for payments into these countries regardless of the currency.

SWIFT/BIC CODE

ISO 9362 (also known as SWIFT-BIC, BIC code, SWIFT ID or SWIFT code) is a standard format of Bank Identifier Codes approved by the International Organization for Standardization (ISO). It is the unique identification code of a particular bank. These codes are used when transferring money between banks, particularly for international wire transfers.

The SWIFT code is 8 or 11 characters, made up of:

? 4 characters - bank code (only letters) ? 2 characters - ISO 3166-1 alpha-2 country code (only letters) ? 2 characters - location code (letters and digits) (if the second character is '1', then it

denotes a passive participant in the SWIFT network) ? 3 characters - branch code, optional ('XXX' for primary office) (letters and digits)

Where an 8-digit code is given, it may be assumed that it refers to the primary office.

BANK CODE

A Bank Code is a code assigned by a central bank, a Bank Supervisory Body or a Bankers Association in a country assigned to all its licensed member banks. The rules vary to great extent between the countries. Also the name of such a code varies.

EXAMPLES:

? United States - Routing Number or ABA Number ? Canada - Transit Number ? United Kingdom - Sort Code ? Australia/New Zealand - BSB Code (Bank State Branch) ? India ? Indian Financial System Code (IFSC) ? Honk Kong ? Hong Kong Branch Code ? Singapore ? Singapore Branch Code

The bank code typically appears on the bottom of negotiable instruments such as checks identifying the financial institution on which it was drawn.

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NON-SWIFT BIC

Non-SWIFT BICs, as defined by the SWIFT Glossary are Business Identifier Codes which retain a `1' in the eighth spot of the BIC. These are not connected to the SWIFT Network, and in most instances are not able to be paid directly, with the exception of EUR SEPA payments, when applicable. In the event that a payment is remitted to an institution which has one of these BICs, an override SWIFT or correspondent instructions may need to be provided (An override SWIFT/BIC is an active SWIFT/BIC for an institution that accepts payments on behalf of the Non-SWIFT BIC through the SWIFT network).

For non-SEPA payments, users should include the Non-SWIFT BIC in the SWIFT Branch Details field and input the override SWIFT in the beneficiary bank SWIFT address field

For SEPA payments, verification is necessary to determine that the SWIFT/BIC is SEPA eligible through contacting a Western Union Business Solutions Representative or through accessing the list of SEPA Credit Transfer participants.

ADDITIONAL REQUIREMENTS

When a beneficiary phone number, contact name at the beneficiary organization, or purpose of payment are required to effect transactions, this information should always be placed in the appropriate reference fields. Please be aware that any beneficiary addresses requested for payments should not be a P.O Box address. Also note that purpose of payment should be a brief succinct description of the payment; an invoice number or reference may not satisfy this requirement. Additionally, the beneficiary may be required to contact their banking institution and fill out the necessary paperwork, to expedite receipt of the following funds: CLP, COP, PKR, XPF, and ZAR.

*indicates for Singapore office only.

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IBAN & SWIFT/BIC CODE

IBAN & SWIFT/BICs are required for all EUR payments within the European Monetary Union Countries and the European Economic Area (EEA) Countries. Additionally, some countries have adopted the IBAN; it is highly recommended that when sending payments to these countries that you ask for an IBAN in order to minimize any potential processing delays or incur additional charges.

The following countries have adopted the IBAN:

Albania Andorra Angola Austria Republic of Azerbaijan Bahrain Belgium Benin Bosnia and Herzegovina Brazil Bulgaria Burkina Faso Burundi Cameroon Cape Verde Central African Republic Congo Costa Rica Croatia Cyprus Czech Republic Denmark Dominican Republic Equatorial Guinea Estonia Faroe Islands Finland France French Guiana French Polynesia Gabon Georgia Germany Gibraltar Greece

Greenland Guadeloupe Guatemala Guernsey Hungary Iceland Iran Ireland Isle of Man Israel Italy Ivory Coast Jersey Jordan Kazakhstan Kuwait Latvia Lebanon Liechtenstein Lithuania Luxembourg Macedonia Madagascar Mali Malta Martinique Mauritania Mauritius Moldova Monaco Montenegro Morocco Mozambique Netherlands New Caledonia

Niger, Republic of Norway Pakistan Poland Portugal Palestinian Occupied Territory Reunion Romania Saint-Pierre and Miquelon San Marino Sao Tome and Principe Saudi Arabia Senegal Serbia Slovak Republic Slovenia Spain Sweden Switzerland Togo Tunisia Turkey United Arab Emirates United Kingdom Virgin Islands, British

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AED ? UNITED ARAB EMIRATES DIRHAM

REQUIRED: ? Swift Branch Details Field (Bank to Bank): Should be blank ? Beneficiary Bank BIC/SWIFT: Eight digits in length ? Beneficiary Bank Country: United Arab Emirates ? Beneficiary Account Number: 23 Character IBAN

? IBAN Format: AEKK AAAB BBBBBBBBBBBBBBB

o AE = Country code

o K=IBAN Check digits o A =Bank Code o B = Account Number ? Purpose for payment

ADDITIONAL CONSIDERATIONS: Additional Bank details can/should be transmitted in the Client References field to avoid additional processing charges

ALL - ALBANIAN LEK

REQUIRED: ? Beneficiary Account Number: 28 Character IBAN

? IBAN Format: ALKK AAAB BBBD CCCC CCCCCCCCCCCC

o AL = Country code

o K=IBAN Check digits o A =Bank Code (KIB) o B = Branch Code ?Account number (KIB) o D = Account Check digit o C = Account Number ? Beneficiary Bank BIC/SWIFT: Eight Digits ? Country: Albania ? Purpose for payment ? Full name and address of Beneficiary

ADDITIONAL CONSIDERATIONS: Method of payment (Electronic or Check) may vary depending on local requirements and validity of beneficiary information. Payments Less than $25 dollar equivalent may get rejected.

Expected beneficiary receipt date may be 5-7 days from the date the beneficiary bank received the payment (Beneficiary Bank may not necessarily apply on value date instructed).

AMD - ARMENIAN DRAM

REQUIRED: ? Beneficiary Account Number: Eleven ? Sixteen digits in length ? Beneficiary Bank SWIFT/BIC: Eight ? Eleven Digits ? Purpose Of Payment

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? Beneficiary Bank Full Name, Address & Country: Armenia ? Full name and address for Beneficiary

OPTIONAL: Beneficiary Full Name and Address should be transmitted as Individuals must present Passport and Social Card to Claim funds.

Payments can be sent to Armenian Banks for individuals who do not hold accounts there. The individual must provide the specific bank SWIFT/BIC and then their full ID and name should be referenced in the beneficiary name and account number field

ADDITIONAL CONSIDERATIONS: Method of payment (Electronic or Check) may vary depending on local requirements and validity of beneficiary information.

Expected beneficiary receipt date may be 5-7 days from the date the beneficiary bank received the payment (Beneficiary Bank may not necessarily apply on value date instructed).

ANG ? ANTILLIAN GUILDER

REQUIRED ? Beneficiary Bank BIC/SWIFT: Eight ? Eleven Digits ? Beneficiary Bank Country: Netherlands Antilles ? Purpose of payment

ADDITIONAL CONSIDERATIONS: Method of payment (Electronic): All payments cleared electronically. Payments are made on value date.

AOA ? ANGOLAN KWANZA

REQUIRED ? Beneficiary Account Number: 25 Character IBAN

? IBAN Format: AOKK AAAB BBBD CCCC CCCC CCCD D o AO = Country Code o K = IBAN Check digits o A = Bank code o B = Bar code (This field may be filled with zeros) o C = Account number o D = Account Check digit

? Beneficiary Bank BIC/SWIFT: Eight ? Eleven digits ? Purpose for payment ? Full name and address of Beneficiary

ADDITIONAL CONSIDERATIONS: Method of payment (Electronic or Check) may vary depending on local requirements and validity of beneficiary information.

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