User guide

THE CURRENCY GUIDE IS STRUCTURED AS FOLLOWS FOR EVERY CURRENCY:

1. Overview: describes the currency in general (including any tradability limitations).
2. Currency guidelines: provides what information should ideally be added in the payment instruction. Information will be split in mandatory and recommended information. Missing mandatory information can result in rejected payments.
3. Payment formatting: makes the link with respective tags for the MT101 and XML V3 formats.
4. Additional information: describes specific local regulations, links to the central bank and other useful websites.

THIS GUIDE REFERS TO STANDARD INFORMATION THAT IS REQUIRED FOR EACH PAYMENT. IT CONSISTS OF:  

1. Information about the beneficiary: full name, account number
   Moreover, it is  recommended to add the full physical address of the beneficiary
2. Information about the bank of the beneficiary
   - BIC code by default (branch identifier included, if provided). 
   - Local clearing code: on a currency per currency basis potentially combined with a BIC code and/or text description  
   - Name and address in absence of any bank identifier code (NB it is recommended to repeat the specific branch location in the remittance information).
   
   For certain countries, the absence of a valid BIC or clearing code may result in additional charges.

IN ADDITION, SEVERAL OPTIONS FOR ALLOCATING THE ASSOCIATED BANKING FEES ARE MENTIONED 

• BEN: The beneficiary bears all the fees.
  The ordering bank processing fees and all correspondent bank charges are deducted from the principal amount.
• SHA: The debtor and the beneficiary are charged for their respective fees.
  Correspondent bank charges may be deducted from the principal amount.
• OUR: The debtor bears all the fees.
  The beneficiary receives the entire instructed amount.