We have integrated with a new provider for our local DKK, SEK and NOK payment routes. Use this FAQ to find out what this means for you.
What benefits will the new provider bring?
The new provider offers real-time payment routes for local DKK, SEK and NOK, along with improved cut-off timings.
What do I need to do?
There are new mandatory beneficiary details we need you to collect from your customers. Currently we ask you to provide the beneficiary account IBAN and BIC. Going forward, we’ll need you to provide the locally formatted bank code and account number for all three currencies. Table 1 below shows you the format required.
You should be aware that it is not possible to break down the beneficiary account IBAN into the locally formatted details for SEK. This will create delays in your transition so please make the changes as detailed.
|Currency||Bank Number||Account Number|
|DKK||4 digits||4-10 digits|
|NOK||4 digits||7 digits|
|SEK||4-5 digits||1-15 digits|
I make payments using Currencycloud Direct, how do I provide the additional information?
If you’re using Currencycloud Direct, once we’ve made these changes mandatory, you’ll see new fields on the ‘create beneficiary’ screen prompting you to provide the additional information listed in Table 2 below. We recommend that you start collecting this information from your customers now to make sure you’re ready to start creating beneficiaries with the additional information once the changes are live on Currencycloud Direct.
I make payments using the APIs, how do I provide the additional information ?
If you’re using our Create Beneficiary API endpoint, we recommend that you start passing either the fields listed in Table 2 below, or the beneficiary IBAN and BIC today. Once we are fully integrated, it will be mandatory to pass through the fields in Table 2 instead of the beneficiary IBAN and BIC.
What are the additional fields that I need to provide?
|routing_code_type_1||You will need to populate this with 'bank_code'.|
|routing_code_value_1||You will need to enter the local bank code formatted as shown in the table above.|
|account_number||You will need to enter the local account number formatted as shown in the table above.|
What are the payment limits and delivery time frames?
When making a payment in DKK, NOK or SEK, you should be aware of the following payment limits and delivery time frames:
|Currency||Maximum Payment Size||Payment Scheme||Delivery Time Frame|
|DKK||Up to 500,000||Straksclearing Instant||Instant|
|Over 500,000||Intradagclearing||Same day|
|NOK||25,000,000||Norwegian Interbank Clearing System||Same day|
|SEK||No limit||Internal transfers where our partner holds an account (90% coverage), all other payments will go via RIX||Instant (internal transfers) or Same day (RIX)|
By when do I need to make the changes?
If using our APIs, you’re able to pass through the bank number and account number today and we’ll send your payment via our new provider. To make sure there are no hold ups, we recommend you make these changes ASAP.
From Wednesday 7th April 2021, you’ll no longer be able to pay beneficiaries that are missing the new required fields listed above.