Inbound Payments via SWIFT

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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	Scale Space, 58 Wood Lane, London W12 7RZ
MODRIE22XXX	EUR	CHASDEFX	Modulr Finance, B.V., Irish Branch	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	77 Sir John Rogerson’s Quay, Dublin 2, D02 NP08

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:

• If the sending payment institution auto-completes information 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 the minimum requirement:

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.