Payment Initiation Services (PIS) parameters and considerations
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:
- “SHARE” transfer:The sender PSU of the payment will pay fees to the sending bank for the outgoing transfer charges. The receiver PSU will receive the amount transferred, minus the correspondent (intermediary) bank charges
- “OUR” transfer:All fees will be charged to the sender PSU of the payment – i.e. the receiver PSU gets the full amount sent by the sender of the payment. Any charges applied by the receiving bank will be billed to the sender of the payment (usually sometime after sending the payment).
- “BEN” transfer:BEN (beneficiary) means that the sender PSU of the payments does not pay any charges. The receiver PSU of the payment receives the payment minus all transfer charges, including the sending bank charges if any.
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 Field Description
The Account Holders Name The recipient's full name.
SWIFT/BIC Code A SWIFT Code consists of 8 or 11 characters, both numbers and letters e.g. RFXLGB2L.
Sort Code UK Bank code (6 digits usually displayed as 3 pairs of numbers), optional if within EEA.
Routing Number The American Bankers Association Number (consists of 9 digits) and is also called a ABA Routing Number.
Routing Code Any other local Bank Code - e.g. BSB number in Australia and New Zealand (6 digits).
IFSC Code Indian Financial System Code, which is a unique 11-digit code that identifies the bank branch i.e. ICIC0001245.
IBAN The International Bank Account Number.
Bank Name The name of the bank where the recipient's account is held.
Bank Address The address of the Beneficiary's bank.
Account Number The recipient's bank account number.
The information required is different for each country. For further information please see the table below:
Receiving Country | Currency | Information Required | Optional Information |
---|---|---|---|
UK | GBP | Account Holder's Name Account Number Sort Code | IBAN SWIFT/BIC code |
UK | All Other Currencies | Account Holder's Name IBAN SWIFT/BIC code | Sort Code |
All European Countries | All Currencies | Account Holder's Name IBAN SWIFT/BIC code | |
Hong Kong | USD, EUR, GBP | Account Holder's Name IBAN SWIFT/BIC code | |
China | USD, EUR, GBP | Account Holder's Name Account Number SWIFT/BIC code Bank Name Bank Address | |
Australia / New Zealand / South Africa | All Currencies | Account Holder's Name Account Number Routing code Bank Name Bank Address | SWIFT/BIC code |
Canada | All Currencies | Account Holder's Name Account Number SWIFT/BIC code Bank Name Bank Address | Routing Code |
USA | All Currencies | Account Holder's Name Account Number ABA Number Bank Name Bank Address | SWIFT/BIC code |
India | INR | Account Holder's Name Account Number IFSC code Bank Name Bank Address | SWIFT/BIC code |
India | All Other Currencies | Account Holder's Name Account Number SWIFT/BIC code Bank Name Bank Address | IFSC Code |
All Other Countries | All Currencies | Account 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