Inbound Payments via SWIFT

❗️

Only applicable to customers authorised for payments via SWIFT

Any payments received via SWIFT to credit customers who are not authorised will be returned.

Note that this will cause inconvenience to those paying and as there are no standard timescales for returns via SWIFT.

Required information

To receive payments into your Modulr accounts via SWIFT, you will need to provide the payer with the following information:

• The IBAN & BIC of the Modulr account you wish to receive the funds into
• The routing information for the payment (so correspondent banks in the chain know where to send the funds).

The IBAN & BIC of your Modulr account:

The IBAN & BIC of your Modulr account can be found in the customer portal or by using the https://modulr.readme.io/reference/getaccount endpoint.

Below is a truncated example response:

GET ACCOUNT RESPONSE

{
    "id": "A1111111",
    "name": "SWIFT Account",
    "balance": "123456.78",
    "availableBalance": "123456.78",
    "currency": "USD",
    "status": "ACTIVE",
    "identifiers": [
        {
            "type": "IBAN",
            "iban": "GB99MODR12345612345678",
            "bic": "MODRGB23XXX",

The routing information:

The routing information for the payment is provided in the table below.

You will need to provide the payer with the following information based on the BIC & Currency of your account:

• Modulr Correspondent BIC
• Modulr Entity Name
• Modulr Entity Address

Your Account BIC	Your Account Currency	Modulr Correspondent BIC	Modulr Entity Name	Modulr Entity Address
MODRGB23XXX	CHF, CZK, DKK, EUR, GBP, HKD, JPY, NOK, PLN, SEK or USD	CHASGB2L	Modulr FS Ltd LEI 984500D391EA4A0EE674	Scale Space, 58 Wood Lane, London W12 7RZ
MODRIE22XXX	EUR	CHASDEFX	Modulr Finance, B.V., Irish Branch LEI 98450052C5E7SZ5EA950	77 Sir John Rogerson’s Quay, Dublin 2, D02 NP08
MODRIE22XXX	CHF, CZK, DKK, GBP, HKD, JPY, NOK, PLN, SEK or USD	CHASNL2X	Modulr Finance, B.V., Irish Branch LEI 98450052C5E7SZ5EA950	77 Sir John Rogerson’s Quay, Dublin 2, D02 NP08
MODRNL22XXX	EUR	CHASDEFX	MODULR FINANCE B.V., SPAIN BRANCH LEI 959800DZC2UKMCTEN383	Weteringschans 165 C, 1017 XD Amsterdam
MODRNL22XXX	CHF, CZK, DKK, GBP, HKD, JPY, NOK, PLN, SEK or USD	CHASNL2X	MODULR FINANCE B.V., SPAIN BRANCH LEI 959800DZC2UKMCTEN383	Weteringschans 165 C, 1017 XD Amsterdam
MODRESB2XXX	EUR	CHASDEFX	MODULR FINANCE B.V., SPAIN BRANCH LEI 959800DZC2UKMCTEN383	Gran Via De Les Corts Catalanes,583, 08011 Barcelona, Spain
MODRESB2XXX	CHF, CZK, DKK, GBP, HKD, JPY, NOK, PLN, SEK or USD	CHASNL2X	MODULR FINANCE B.V., SPAIN BRANCH LEI 959800DZC2UKMCTEN383	Gran Via De Les Corts Catalanes,583, 08011 Barcelona, Spain
MODRFRP2XXX	EUR	CHASDEFX	MODULR FINANCE B.V., FRANCE BRANCH LEI 254900XUU0FVXPTGEF04	54 Rue De Londres, Paris, France
MODRFRP2XXX	CHF, CZK, DKK, GBP, HKD, JPY, NOK, PLN, SEK or USD	CHASNL2X	MODULR FINANCE B.V., FRANCE BRANCH LEI 254900XUU0FVXPTGEF04	54 Rue De Londres, Paris, France

Making the payment

The sending payment institution should be provided the IBAN & BIC of your Modulr account along with the correct routing information (BIC and currency dependent).

Notes:

• Many sending payment institutions will auto-complete routing information to simplify sending payments; unless the the institution requires correspondent/intermediary as a mandatory field do not enter this information.
• If the sending payment institution auto-completes information, populating a correspondent/intermediary that is different to the above, it is strongly advised that the payment institution is asked to update their SSI records before the payment is initiated.
• Payments sent via SWIFT will typically be received within 1 business day, however it can take up to 3 to 5 business days with longer time scales applying if there are issues/errors requiring manual intervention by correspondent banks.
• Queries on the status of a payment made via SWIFT to a Modulr account must be raised directly with the sending bank as Modulr may not have visibility of the payment.

Troubleshooting a payment:

If a payment sent via SWIFT has been returned, you should ask the sending payment institution for the MT103 message that they sent.

The required information above must be populated correctly within the message. The table below shows an example the minimum requirement for sending to GB account:

Requirement	Row/Field	Example
Modulr’s correspondent (intermediary) BIC	:56A:	CHASGB2LXXX
Your Modulr account BIC	:57A:	MODRGB23XXX
Your Modulr account IBAN	:59:	GB99MODR12345612345678

If this information isn't present or is populated incorrectly, you should correct with the sending payment institution and resubmit the payment.