SWIFT Collections FAQs

Clients can now receive third-party funds from their customers in all unrestricted currencies supported by Currencycloud. You’ll find a list of frequently asked questions below.

What is Currencycloud SWIFT Collections?
Currencycloud’s SWIFT collections capability provides you with the ability to receive third-party funds from your customers in all unrestricted currencies supported by Currencycloud. And when you’re ready, convert these funds back to the required currency, at competitive rates, on your own terms. Whether you’re using our APIs or Currencycloud Direct this is a simple and cost-effective way of collecting money globally.

What currencies can I collect funds in?
You can collect funds from third-parties in all of the unrestricted currencies available here.

Where can I receive funds from?
Funds must arrive from one of our permitted jurisdictions. You can see the full list of permitted jurisdictions here.

What details do I give out to my customers?
You can find the details for your account within the Currencycloud Direct platform or via the Settlement Accounts API.

  • Currencycloud Direct: simply log in and select ‘Balances’ from the left-hand navigation. Then select ‘Fund’ against the currency you wish to receive. This will show you the account name, number and SWIFT BIC you can give out to your customers.
  • Using the API: simply call the Settlement Accounts API with the currency you wish to receive. This will show you the account name, number and SWIFT BIC you can give out to your customers.

Will the account be in my name?
Yes, named accounts will be provided.

Does my customer need to reference the payment?
No reference is required.

How do I get my funds?
Once you have provided your customer with the account details and they have made their payment, the funds will arrive at Currencycloud. We will reconcile the funds to the account and update your balance. If you are using push notifications, you will receive a completed balance notification to tell you that the funds have been credited to your account.

How long will it take for my funds to arrive?
Funds will be subject to the cut-offs and timelines of the sending bank used by your customer and the clearing system for the given currency. Once the funds have arrived with Currencyloud, if they are referenced by your customer correctly, they will be credited to your account within an hour.

What information can I see about the sender?
We provide you with as much information as we get passed from the sending bank when it comes to who has sent you funds. This information can vary depending on the bank sending the funds. The main fields available are ‘reference’ and ‘name’. Some banks will also provide the address details.

Sender details are available within the Currencycloud Direct platform by viewing your transactions and then selecting the reference on the funding transaction. If you are using the API you can call the Get Sender Details endpoint.

Why didn’t the full amount sent by my customer arrive?
Sending funds via the SWIFT network is subject to correspondent banking fees. These fees occur when the sending bank and the beneficiary bank do not have a direct relationship, so an intermediary bank is required to forward the payment. This intermediary (or correspondent) bank will often take a fee for forwarding this payment.

Can my customer send the funds in full, without correspondent bank fees?
Yes! Currencycloud offers local collections in a number of different currencies which are not subject to these correspondent bank fees. We’re continuously adding more currencies to this list so if you’re interested in hearing more about our Collections capability, please speak directly to your Account Manager or Customer Success Manager for more details.

Why is my bank saying that they cannot match the beneficiary name and that my account may be fraudulent?
If you are one of our UK clients, and paying GBP into one of our local GBP account numbers or SWIFT IBANs, you may have heard this from a bank. A lot of UK banks have implemented Confirmation of Payee and this has resulted in the following error.

Your account is not fraudulent and is a valid account, but we are not part of the Confirmation of Payee initiative at the moment which is why the bank is displaying the message. Confirmation of Payee so far has only been implemented for direct participants of Faster Payments. At Currencycloud, we are indirect participants.

To make sure you don’t receive this message from banks in the future, we are waiting for guidance on how Confirmation of Payee should work for indirect participants from PayUK. As soon as we have this information we will fix the issue.

Was this post helpful?
Let us know if you liked the post. That’s the only way we can improve.

Can’t find what you’re looking for?

Contact our support team for general support or our technical support team for help with the API or platform.

Related Topics