Appendices

Payment Initiation Services (PIS) Parameters & Considerations

This version is:

Published 1 year ago 16 Mar 2023

Domestic Standing Order frequency examples, international payment charge models and required bank details.

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Domestic Standing Orders

Standing Order Frequency Examples
Everyday
Every working day
Every week, on the 3rd day of the week.
Every 2nd week, on the 3rd day of the week.
Every month, on the 2nd week of the month, and on the 3rd day of the week.
Every month, on the last day of the month.
Every 6th month, on the 15th day of the month.
Paid on the 25th March, 24th June, 29th September and 25th December.

International Payments

Charge Models

Payments initiated by PISPs using Open Banking Write APIs, should be able to cover the following international payments charge models:

AML – Required bank details

In order to make an International Payment, the ASPSP will need some of the following details relating to the beneficiary’s bank account:

Data FieldDescription
The Account Holders NameThe recipient's full name. 
SWIFT/BIC CodeA SWIFT Code consists of 8 or 11 characters, both numbers and letters e.g. RFXLGB2L. 
Sort CodeUK Bank code (6 digits usually displayed as 3 pairs of numbers), optional if within EEA.
Routing NumberThe American Bankers Association Number (consists of 9 digits) and is also called a ABA Routing Number.
Routing CodeAny other local Bank Code - e.g. BSB number in Australia and New Zealand (6 digits).
IFSC CodeIndian Financial System Code, which is a unique 11-digit code that identifies the bank branch i.e. ICIC0001245.
IBANThe International Bank Account Number.
Bank NameThe name of the bank where the recipient's account is held.
Bank AddressThe address of the Beneficiary's bank.
Account NumberThe recipient's bank account number.

The information required is different for each country. For further information please see the table below:

Receiving CountryCurrencyInformation RequiredOptional Information
UKGBPAccount Holder's Name
Account Number
Sort Code		IBAN
SWIFT/BIC code
UKAll Other CurrenciesAccount Holder's Name
IBAN
SWIFT/BIC code		Sort Code
All European CountriesAll CurrenciesAccount Holder's Name
IBAN
SWIFT/BIC code
Hong KongUSD, EUR, GBPAccount Holder's Name
IBAN
SWIFT/BIC code
ChinaUSD, EUR, GBPAccount Holder's Name
Account Number
SWIFT/BIC code
Bank Name
Bank Address
Australia /
New Zealand / South Africa		All CurrenciesAccount Holder's Name
Account Number
Routing code
Bank Name
Bank Address		SWIFT/BIC code
CanadaAll CurrenciesAccount Holder's Name
Account Number
SWIFT/BIC code
Bank Name
Bank Address		Routing Code
USAAll CurrenciesAccount Holder's Name
Account Number
ABA Number
Bank Name
Bank Address		SWIFT/BIC code
IndiaINRAccount Holder's Name
Account Number
IFSC code
Bank Name
Bank Address		SWIFT/BIC code
IndiaAll Other CurrenciesAccount Holder's Name
Account Number
SWIFT/BIC code
Bank Name
Bank Address		IFSC Code
All Other CountriesAll CurrenciesAccount Holder's Name
Account Number
Bank Name
Bank Address
SWIFT/BIC code

Note: Whilst the SWIFT BIC is required to route the payments, for payments in Euro the customer does not have to provide this, the sending bank must derive it from the beneficiary IBAN