SWIFT BIC – mandatory registration and usage FAQ

Our banking partners require all Payment Service Providers (PSPs) to provide a FI-classified SWIFT BIC.

What is a SWIFT BIC?

A SWIFT BIC is a code that uniquely identifies a PSP within a payment transaction. Banks can automatically validate this code against a public directory provided by SWIFT. There are two types of SWIFT BIC:

1. Connected: organizations can be uniquely identified and submit payments via SWIFT.
2. Non-connected: organizations can be uniquely identified but are not able to submit payments via SWIFT.

You can use either to identify as a PSP.

Why is a SWIFT BIC needed?

Using a SWIFT BIC code offers the following advantages:

• Improves the speed of processing by increasing Straight Through Processing (STP);
• Automatically identifies the payer’s account location, supporting the Payment Services Directive 2 (PSD2);
• Allows sanctions and anti money laundering transaction monitoring to run more efficiently;
• Reduces the number of payments that may be delayed as a result of manual repairing by banks.

How does this affect me?

Any PSPs wanting to make payments need to provide SWIFT BIC details to us. Once registered, please send your details through to your relationship manager.

The country code for the BIC you provide must correspond with the account location you provide to your clients.

How do I get a SWIFT BIC?

If you currently have a Non-Financial Institution classified SWIFT BIC, there is no cost or negative impact to change to a FI SWIFT BIC.

If you don’t have a SWIFT BIC, you can request a non-connected SWIFT BIC for free. The application is a two-stage process; you must first register your company, after which you will be contacted with credentials to access the application form.  This may take 7-10 working days.

A non-connected BIC is free of charge and the publication of the BIC is on the first weekend of a month. Should you require this earlier please review this page for emergency and high priority customer requests and request via the E2E-Reference-Data.Generic@swift.com team quoting your non-connected BIC request e-order form reference.

When is this happening?

Our banking partners are requesting this data with immediate effect. We ask all our clients to register ASAP to avoid potential payment delays.

For any further questions, please contact your relationship manager directly.

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For clients based in the European Economic Area, payment services for HUBFX are provided by CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 – 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of an electronic-money institution (Relation Number: R142701).  For clients based in the United States, payment services for HUBFX are provided by The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorised in 39 states to transmit money (MSB Registration Number: 31000206794359). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011. For clients based in the United Kingdom and rest of the world, payment services for HUBFX are provided by The Currency Cloud Limited. Registered in England and Wales No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).

Payment services for HUBFX UK and US are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199) and The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorized in 39 states to transmit money (MSB Registration Number: 31000160311064). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011 

 

Payment services for HUBFX are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199) and The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorized in 39 states to transmit money (MSB Registration Number: 31000160311064). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011 and CurrencyCloud B.V.. Registered in the Netherlands No. 72186178. Registered Office: Nieuwezijds Voorburgwal 296 – 298, Mindspace Nieuwezijds Office 001 Amsterdam. CurrencyCloud B.V. is authorised by the DNB under the Wet op het financieel toezicht to carry out the business of a electronic-money institution (Relation Number: R142701)

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