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Swift Unveils Free SEPA Data Registration Service

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Swift has opened the SwiftDirectories Data Update service, a secure and confidential website where financial institutions can maintain their SEPA-related data. Access to this website is open to any appointed employee of a financial institution. Users can register online and update payments-related data belonging to their financial institution whenever required. From the end of December 2007, Swift will offer two new directories, the BICPlusIBAN Directory and the SEPA Routing Directory, to provide the reference data that financial institutions need to achieve STP.
 Registered users of the SwiftDirectories Data Update service can update their institution’s compliance to the SEPA credit transfer and (at a later stage) direct debit schemes, their operational readiness, their participation in ACHs and CSMs, and IBAN related data such as national bank identifiers applied in IBANs (at a later stage) and the BICs that the institution issues with the IBANs. This service is free of charge. The updated data will be included in the published Swift directories.

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