Overview
Important:
SWIFT has replaced the BICPlusIBAN Directory with BankDirectoryPlus and IBANPlus, and the SEPA Routing Directory with SEPA Plus. For more information, see the SWIFT website.
SWIFT Module provides support for deriving or validating data against the BIC Directory or Bank Directory Plus. The BIC list provides a list of valid BICs for all existing SWIFT financial institutions. All SWIFT FIN messages are validated against this BIC list to ensure that the sender and receiver are valid. Bank Directory Plus is a SWIFT directory that contains identifiers recognized by financial institutions, such as Bank Identifier Codes (BICs), International Bank Account Numbers (IBANs), and national clearing codes. Bank Directory Plus serves two main purposes:
Provides or validates data in international payment messages, for example to translate the beneficiary bank's BIC into national (clearing, sort) code, or validate the banks' details (such as name and address).
Provides or validates data in SEPA (Single Euro Payment Area) payments, for example to derive the BIC from the IBAN if missing, or validate IBAN/BIC combinations.
SWIFT Module also supports SEPA Plus, which contains the BICs and names of the financial institutions that have signed the SEPA Credit Transfer Adherence Agreement, the operational BICs of institutions that are able to process the SEPA payments, the channels through which the financial institutions can receive the SEPA payments, and the channel preference. With SEPA Plus, financial institutions sending SEPA payments can:
Verify that the operational BICs of their correspondent are SEPA-adherent and operationally ready for SEPA.
Verify the available channels (SEPA-ready Automated Clearing Houses) for payment routing.