Our local GBP payments banking partner differentiates between payments that originate within the UK or UK jurisdictions (“domestic”) and those that originate outside of the UK (“overseas”).
As a result, we need to collect some additional data from clients who make “overseas” payments.
What is the definition of domestic and overseas?
Our partner defines domestic and overseas in the following way:
A local GBP payment is a domestic one in either of these situations:
- You - as Currencycloud’s client - are contracted with Currencycloud Ltd and are making the payment for your own entity, regardless of where you are domiciled.
- You - as Currencycloud’s client- are domiciled in the UK or a UK territory and are making payment on behalf of your customers.
A local GBP payment is an overseas one in either of these situations:
- You - as Currencycloud's client - are contracted with a Currencycloud entity based outside of the UK (Currencycloud BV, Currencycloud Inc or Currencycloud Pte) and are making the payment for your own entity.
- You, as Currencycloud’s client, are not domiciled in the UK or a UK territory and are making the payment on behalf of your customers.
Where you are making payments on behalf of your end customer, note that it does not matter where your end customer is domiciled. The definition is based on the country of the Payment Service Provider (PSP).
What additional data do I need to provide?
If you are making payments that fall into the 'Overseas' category above, we need to collect the following additional information from you:
1. Your BIC code.
2. An IBAN or account number for any of your bank accounts held in the country in which you are domiciled.
- If you are domiciled in Germany, we need you to send us your German BIC and the IBAN from one of your corporate accounts
- If you are domiciled in the USA, we need you to send us your US BIC and the account number from one of your corporate accounts.
Please note, if you do not have a SWIFT BIC, you can request a non-connected SWIFT BIC for free. Please visit the SWIFT website and follow the checklist.
How will this data be used?
When payments are sent to our banking partner, we will also send your BIC and IBAN or account number in the payment instruction. This data is used by our partner bank and downstream beneficiary banks to identify that:
1. The payment originated outside of the UK or UK jurisdictions; and
2. Additional transaction screening needs to be carried out on the entity who provided the payment service to the end payer.
It is important to note that:
- The data is not available or visible to the end beneficiary
- Failed payments will be returned back to Currencycloud, and NOT to the account details you provide.