Overview
| Payment Type | Swift (Priority) | Local (Regular) | |
|---|---|---|---|
| IAT (International ACH Transaction) | RTP (Real-Time Payments)* | ||
| Cut off time (UK Time) | 4.30 pm | 8:45 pm | 24/5 (UK time) |
| Delivery time frame | 0 days | T+1 | T+0 |
| Maximum payment size | No limit |
$1,000,000 ($1m) |
$1,000,000 ($1m) |
| Payment Scheme |
Swift - USD to any country Within the US, the Swift payment will use Fedwire or CHIPS, depending on the routing code used. |
FedACH | RTP |
| Destination countries | Any (excluding sanctioned) | USA | USA |
| Traces | Yes | No | No |
| Recalls | Yes | No | No |
| Ultimate payer displayed? | Yes | No | Dependent on the beneficiary’s bank. Most prioritize Company Name, Company Entry Description. |
*If you'd like to enable RTP, please get in touch via your usual support route, either your Account Manager or our support team at support@currencycloud.com.
Please be aware that there is an extended list of restricted countries for local USD transactions. Please see our support article for further information.
RTP Eligibility and Processing Requirements
RTP Eligibility
Most U.S. bank accounts can receive Real-Time Payments (RTP); however, a few account types are not enabled to accept RTP payments. If the beneficiary account cannot receive RTP payments, the payment may need to be sent via an alternative payment method.
Processing Window
Payments submitted between 23:45 and 01:00 UK time may take longer than usual to be processed. During this period, settlement times may be extended compared to standard RTP delivery times.
Payment Requirements
RTP payments must only contain the following details:
- Letters: A-Z and a-z
- Digits: 0-9
- A fixed set of punctuation/special characters: . , ( ) ? + ' = : @ # { ! " % & * ; < > -
- Spaces
- Carriage return and line feed
Payments containing unsupported characters will be rejected and must therefore be corrected before resubmission.
Required Details
Local (Regular) Payment
This applies to IAT and RTP routing
| Field | Individual | Company | Permitted Data | Notes |
|---|---|---|---|---|
| Beneficiary Entity Type | ✓ | ✓ | ‘individual’ or ‘company’ only | |
| Beneficiary First Name | ✓ | ✕ | 1-255 characters* | |
| Beneficiary Last Name | ✓ | ✕ | 1-255 characters* | |
| Beneficiary Company Name | ✕ | ✓ | 1-255 characters* | |
| Beneficiary Address | ✓ | ✓ | 1-255 characters* | |
| Beneficiary City | ✓ | ✓ | 1-255 characters* | |
| Beneficiary Country | ✓ | ✓ | 2 letter ISO country code | |
| Beneficiary Postcode | ✓ | ✓ | 1-12 characters* | |
| Beneficiary State or Province | ✓ | ✓ | 1-255 characters* | |
| Account Number | ✓ | ✓ | 1-17 digits | We validate that the account number matches the expected format requirements. We do not currently perform checks against the account name. |
| ABA | ✓ | ✓ | 9 digits | American banks are identified by a 9 digit ABA number, also known as ‘Routing Number’. The ABA should be valid for FedACH payments. Some ABA values are only valid for FedWIRE payments. Payments to FedWIRE-only ABAs will fail. |
| Payment Currency | ✓ | ✓ | 3 letter ISO currency code | |
| Payment Amount | ✓ | ✓ | Numeric amount | |
| Payment Reference | ✓ | ✓ | 1-255 alphanumeric characters | The scheme only supports 10 alphanumeric characters. The reference field will be truncated to fit this limit. |
| Payment Reason | ✓ | ✓ | 1-255 alphanumeric characters | This field is not visible to the beneficiary. |
| Payer Entity Type | ✓ | ✓ | ‘individual’ or ‘company’ only | |
| Payer First Name | ✓ | ✕ | 1-255 characters* | |
| Payer Last Name | ✓ | ✕ | 1-255 characters* | |
| Payer Company Name | ✕ | ✓ | 1-255 characters* | |
| Payer Address | ✓ | ✓ | 1-255 characters* | |
| Payer City | ✓ | ✓ | 1-255 characters* | |
| Payer Postcode | ✓ | ✓ | 1-12 characters* | Mandatory where the payer's country has postal codes. Do not populate otherwise. |
| Payer State or Province | ✓ | ✓ | 1-255 characters* | Mandatory where the payer's country has states or provinces. Do not populate otherwise. |
| Payer Country | ✓ | ✓ | 2 letter ISO country code | |
| Payer Date of Birth | ✓ | ✕ | ISO 8601 format (YYYY-MM-DD). |
* Please note that non ASCII characters will be transformed to ASCII equivalent or removed on a best endeavours basis in order to comply with the restrictions of the domestic payment scheme.
Swift (Priority) Payment
| Field | Individual | Company | Permitted Data | Notes |
|---|---|---|---|---|
| Beneficiary Entity Type | ✓ | ✓ | ‘individual’ or ‘company’ only | |
| Beneficiary First Name | ✓ | ✕ | 1-255 characters* | |
| Beneficiary Last Name | ✓ | ✕ | 1-255 characters* | |
| Beneficiary Company Name | ✕ | ✓ | 1-255 characters* | |
| Beneficiary Address | ✓ | ✓ | 1-255 characters* | |
| Beneficiary City | ✓ | ✓ | 1-255 characters* | |
| Beneficiary Postcode | ✓ | ✓ | 1-12 characters* | Only required when sending payments to Canada, Mexico and the USA. |
| Beneficiary State or Province | ✓ | ✓ | 1-255 characters* | Only required when sending payments to Canada, Mexico and the USA. |
| Beneficiary Country | ✓ | ✓ | 2 letter ISO country code | |
| IBAN | ✓ | ✓ | 15-34 alphanumeric characters; spaces permitted | IBAN must be used when sending payments to all IBAN countries. When sending to non-IBAN countries, account number must be used. |
| Account Number | ✓ | ✓ | 1-17 digits | When sending payments to non-IBAN countries, account number must be used. IBAN must be used when sending to all IBAN countries. |
| CLABE | ✓ | ✓ | 18 digits | For payments sent to Mexico, CLABE must be provided instead of an account number or IBAN, irrespective of currency. CLABE is the standard bank account identifier used in Mexico and is equivalent to an account number in other jurisdictions. |
| ABA | ✓ | ✓ | 9 digits | For USD payments destined to the United States, the beneficiary bank must be identified using a 9-digit ABA number, also known as a routing number. The ABA provided must be valid for Fedwire payments. Some ABA numbers are valid only for FedACH payments; payments sent to FedACH-only ABAs will fail. |
| BIC Swift | ✓ | ✓ | Valid ISO 9362 Swift BIC code; 8 or 11 alphanumeric characters | BIC Swift should be used for USD payments to the USA for payments on the CHIPS payment scheme. The BIC Swift should also be used for USD payments to any other supported country outside the USA. |
| Payment Currency | ✓ | ✓ | 3 letter ISO currency code | |
| Payment Amount | ✓ | ✓ | Numeric amount | |
| Payment Reference | ✓ | ✓ | 1-255 alphanumeric characters | Anything over 132 characters will be truncated. |
| Payment Reason | ✓ | ✓ | 1-255 alphanumeric characters | On the MT103, this is appended after payment reference if there is space remaining. |
| Payer Entity Type | ✓ | ✓ | ‘individual’ or ‘company’ only | |
| Payer First Name | ✓ | ✕ | 1-255 characters* | For payer name on the MT103, payer first name and payer last name are joined together and truncated to 35 characters. |
| Payer Last Name | ✓ | ✕ | 1-255 characters* | For payer name on the MT103, payer first name and payer last name are joined together and truncated to 35 characters. |
| Payer Company Name | ✕ | ✓ | 1-255 characters* | |
| Payer Address | ✓ | ✓ | 1-255 characters* | |
| Payer City | ✓ | ✓ | 1-255 characters* | |
| Payer Postcode | ✓ | ✓ | 1-12 characters* | Only required when sending payments to Canada, Mexico and the USA. |
| Payer State or Province | ✓ | ✓ | 1-255 characters* | Only required when sending payments to Canada, Mexico and the USA. |
| Payer Country | ✓ | ✓ | 2 letter ISO country code | |
| Payer Date of Birth | ✓ | ✕ | ISO 8601 format (YYYY-MM-DD). | |
| Payer Identification Type | ✕ | ✓ | ‘incorporation_number’ only | |
| Payer Identification Value | ✕ | ✓ | 1-255 characters* |
* Please note that non-supported characters will be transformed to EBCDIC equivalent or removed on a best endeavors basis in order to comply with the restrictions of the Swift payment network. The permitted characters on the Swift network are letters, numbers, spaces and the following symbols:
/ – ? : ( ) . , ‘ +
/ – ? : ( ) . , ‘ +
Please be aware that clients sending payments on behalf of their customers need to share their BIC code with us. Further details can be found in our SWIFT BIC – Mandatory Registration and Usage FAQ.