Configuration + Access
In order to configure SWIFT Receive, we require some essential steps to be completed by partners. Once those are completed, we can configure your accounts to allow the receipt of SWIFT messages and ensure that those messages are routed to the right balances.
Your implementation manager will assist with this process and collect the right details as described below.
SWIFT Receive requires a profile with a balance account to complete transactions and deposits. We recommend that this profile and balance be separate from any other profiles and balances used by the partner to aid in reconciliation and integration management
- Login or register for a new account. Make note of the credentials used for this as these will be needed later in your implementation
- Ensure that a personal profile is configured on the account. Speak with your implementation manager if you are unsure of who should be included in this profile.
- Create a new business profile. The name on this account should match the name of the partner's bank account. Further, the partner must use an email address which is actively monitored and which their back office team has access to; this ensures that any RFIs can and will be dealt with efficiently.
- Record the Membership Number (P#######) for the newly created business profile.
The membership number for both environments should then be given to your implementation manager. The business profile in each environment will be given access to SWIFT Receive and all transfers to the configured BICs will deposit to the production profile.
In order to complete configuration, we need to know the BICs you would like us to match and deposit into your balance. This can be a list of specific BICs or can be based on a "starts with" match.
For example, if we configure "BANKDE12", any branch code will also be matched, such as "BANKDE12XXX". If you would like for us to match specific branch codes, those should be provided.
Due to the length of time it can take for the SWIFT network to update the standing settlement instructions for BICs, it's advised that a test BIC to be used for testing be updated to point towards Wise's BIC.
This should only be done for a BIC that is not used by your customers in production at this point. Often this is a separate BIC that is unused or reserved for testing.
Speak with your implementation manager further about this and when it is applicable to make this change.