Payment Formatting Guidelines

PAYMENT FORMATTING GUIDELINES 10.2018 Version 6.2 kpcu.com PAYMENT FORMATTING GUIDELINES Welcome to the October 2018 edition of the Payment Formatting Guidelines (PFG). In response to newly implemented payment requirements, we will be updating the following: • AUD (Australian Dollar), Beneficiary Account requirements • ARS (Argentine Peso), full beneficiary address required • ILS (Israeli Shekel), payments to Palestine require a 29 character IBAN • INR (Indian Rupee), P1401 POP code added back to list • MXN (Mexican Peso), beneficiary tax ID required: - Tax ID character length for INDIVIDUAL = 13 or 18 alphanumeric digits - Tax ID character length for BUSINESS = 12 alphanumeric digits • MXN (Mexican Peso), Recommendation: Beneficiary name should not include initials. Beneficiary names must consist of 3 or more letters. • NAD (Namibian Dollar), beneficiary bank branch address requirement removed • PHP (Philippines Peso), beneficiary bank branch address requirement removed • TWD (New Taiwan Dollar), Chunghwa Post Co., Ltd. will not accept TWD payments • SGD (Singapore Dollars), beneficiary bank account requirements amended to 5-14 digits, branch code required for payments to HSBC, OCBS or SBI. • NPR (Nepalese Rupee), (Removed) ADDITIONAL CONSIDERATIONS: Payments to Nepalese Nationals in Nepal can be done in NPR only. We are also happy to include requirements for the following new currencies: AWG (Arubian Florin); CDF (Congolese Franc); MDL (Maldavian Lieu); MNT (Mongolian Tugrik); MRU (Mauritanian Olguiya); STN (Dobra); and IQD (Iraqi Dinar). TABLE OF CONTENTS CURRENCY GUIDELINES ��3 MAXIMIZING THE USE OF THIS DOCUMENT . .3 BBAN/BASIC BANK ACCOUNT NUMBER . .3 IBAN/INTERNATIONAL BANK ACCOUNT NUMBER . .3 SWIFT/BIC CODE . .4 BANK CODE . .4 NON-SWIFT BIC . .5 BENEFICIARY ADDRESS . .5 ADDITIONAL REQUIREMENTS . .5 IBAN & SWIFT/BIC CODE ��6 COUNTRY CURRENCIES (BY CURRENCY CODE) CURRENCIES A–E . .8 EURO IBAN REQUIREMENTS . .22 CURRENCIES F–J ��30 CURRENCIES K–O ��37 CURRENCIES P–S . .47 CURRENCIES T–Z ��54 ADDENDUMS ADDENDUM 1.1 . .61 ADDENDUM 1.2 . .62 ADDENDUM 1.3 . .64 ADDENDUM 1.4 . .69 Page 2 of 76 PAYMENT FORMATTING GUIDELINES CURRENCY GUIDELINES Below are guidelines based on currency, regarding the formatting of account numbers, in addition to any other necessary information required by KeyPoint Credit Union and/or the beneficiary institution that may be mandatory to effect payments to the intended beneficiary. Please note that ALL payments require the following minimum requirements: • Full Beneficiary Name • Beneficiary Bank Name • Account Number This guide provides a framework for validating 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 KeyPoint Credit Union will be able to continue to seamlessly process all payments while minimizing any requests for additional payment processing information. Please be aware that sending exotics cross border you may increase the potential risk of rejects/return of funds and thus generate an FX loss. 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. Account number validations identified in this document, may not apply to clearly defined foreign currency account which state the currency, for example 2147891SGD10. 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. When a country has an established IBAN, KeyPoint Credit Union recommends using the IBAN for payments into these countries regardless of the currency. kpcu.com Page 3 of 76 Å Return to Table of Contents PAYMENT FORMATTING GUIDELINES 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) • Hong Kong – Hong Kong Branch Code • Singapore – Singapore Branch Code • South Africa – Routing Code The bank code typically appears on the bottom of negotiable instruments such as checks identifying the financial institution on which it was drawn. kpcu.com Page 4 of 76 Å Return to Table of Contents PAYMENT FORMATTING GUIDELINES 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 KeyPoint Credit Union Representative or through accessing the list of SEPA Credit Transfer participants. BENEFICIARY ADDRESS Further to the introduction of the Information Accompanying Transfer of Funds Regulation EU 2015/847 (IATFR) we now recommend beneficiary address details are included in all payments to Europe or involving European currencies. Beneficiary address requests should be a physical address, PO Boxes are not accepted. ADDITIONAL REQUIREMENTS When a beneficiary phone number, contact name at the beneficiary organization, or purpose of payment are required, this information should always be placed in the appropriate reference fields. Purpose of payments should be a brief succinct description of the payment; an invoice number or reference may not satisfy this requirement. Non Trade is not acceptable. The beneficiary may be required to contact

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