2020 Wells 

Fargo FIG Payment Services Handbook

Essential guide to making payments

in U.S. dollars and euros
 Wells Fargo Global Payments Handbook

Table of contents
Introduction..............................................................................................................................................................................................................................................................................................................1
About Wells Fargo’s payment products.........................................................................................................................................................................................................1
About Wells Fargo ......................................................................................................................................................................................................................................................................................1
Our global presence................................................................................................................................................................................................................................................................................1
Industry and regulatory updates................................................................................................................................................................................................................................ 2
High-level payments overview .....................................................................................................................................................................................................................................6
U.S. government regulations on the processing of your payments ..................................................................................................9
How your payments are processed by Wells Fargo......................................................................................................................................................... 10
Wells Fargo’s USD payment products............................................................................................................................................................................................................ 11
GlobalPay.FX Formatting Guidelines – SWIFT .......................................................................................................................................................................13
Wells Fargo’s euro payment products............................................................................................................................................................................................................15
USD payment reference guide.......................................................................................................................................................................................................................................16
Fedwire and CHIPS formatting guide...........................................................................................................................................................................................................18
International payment formatting guide............................................................................................................................................................................................... 20
Four simple principles for straight-through processing for SWIFT ............................................................................................. 20
IBAN (International Bank Account Number)...............................................................................................................................................................................21
SWIFT..............................................................................................................................................................................................................................................................................................................................22
Codewords for field 72 (Sender to Receiver Information)...................................................................................................................................24
MT103, MT200, MT202, and MT202COV payment formats.................................................................................................................26
USD formatting examples...................................................................................................................................................................................................................................................... 32
Foreign currency example.....................................................................................................................................................................................................................................................36
Euro examples.................................................................................................................................................................................................................................................................................................37
 Wells Fargo Global Payments Handbook

Introduction
This handbook has been prepared to facilitate the processing of cross-border, USD, EUR, and other currency payments.
It provides a general overview of the payment systems and a detailed description of how payments are processed by
Wells Fargo. Also included is a guide of recommended payment formats for both SWIFT and CyberPay, Wells Fargo’s
proprietary payment initiation tool.

About Wells Fargo’s payment products

Wells Fargo is one of the world’s largest international correspondent banks. We ofer a full array of services to thousands
of banks around the world. Wells Fargo’s USD and global currency suite of services attests to our commitment to this
industry and our ability to meet the dynamic needs of customers around the world.

Our product oferings enable you to concentrate all of your commercial, treasury, retail, and trade payments with a
single correspondent bank. The benefts of using a single correspondent bank are many and include the potential
elimination of using cover payments and all the overhead required, speeds reconcilement, reduces the cost of processing,
minimizes funding costs, reduces errors, and makes handling of inquires easier, since all questions can be directed to one
correspondent. One correspondent leads to greater transparency and a good understanding of our risk appetite.

About Wells Fargo
Wells Fargo serves over 70 million customers, ofering a comprehensive array of retail, investment banking, capital
management, and wealth management services. Wells Fargo has one of the largest distribution networks in the United
States, ofering fnancial services through more than 7,800 locations and some 13,000 automated teller machines
(ATMs). Globally, we have a correspondent network spanning 130 countries. We have ofces in 37 countries and
territories to support customers who conduct business in the global economy. Our international lines of business include
Correspondent Banking, Trade Services, Outsourcing Services, Foreign Exchange, Asset Management, Capital Markets,
Structured Trade Finance, and services for Global Multilateral Institutions.

Our global presence

Americas Europe Middle East Asia Pacifc
and Africa/India
Buenos Aires* Dublin Dubai Bangkok*
Charlotte Frankfurt Mumbai* Beijing
Los Angeles London Hanoi*
Miami Hong Kong
New York Manila*
Philadelphia Seoul
Santiago* Shanghai
Sao Paulo* Singapore
San Francisco Sydney*
Santo Domingo* Taipei
Washington, D.C. Tokyo
Winston-Salem

*These locations are Representative Ofces

 Wells Fargo Global Payments Handbook

Industry and regulatory updates

SWIFT Global Payments Innovation Initiative (gpi) is the standard for cross-
border payments
Nearly 3,800 banks around the world have joined the SWIFT gpi initiative, representing 80% of all cross-border
payments globally. SWIFT gpi has transformed cross-border payments by delivering four key benefts:
• Speed — 50% of gpi payments are credited to end benefciaries within 30 minutes, and almost 100% of gpi payments
credited within 24 hours
• Traceability — Tracking of payments from start to fnish in real time
• Transparency on bank fees and FX rates — The fnal amount paid to the benefciary is confrmed in real time
• Unaltered remittance data — Unaltered remittance information is delivered to the end benefciary

SWIFT gpi initiative members are able to log in to a SWIFT-hosted repository called Tracker to track a payment’s path
in real time, obtain transparency on deducts and FX rates applied, and confrmation that payment was credited to the
benefciary. In addition to payment status information, SWIFT provides a central intelligence dashboard, called the
Observer, to track adherence to the gpi SLAs for all initiative members. The Observer allows banks to pinpoint issues and
identify improvement opportunities.

With SWIFT’s annual Standards Release in November 2018, all SWIFT member banks began including the unique end-
to-end transaction reference (UETR) in their commercial and cover payment instructions. This enabled all gpi member
banks to extend their tracking capabilities to all their SWIFT network payment instructions.

In November 2018 and January 2019, respectively, it became mandatory for all gpi member banks to support two new
gpi services: gCOV and gSRP.

The gCOV (gpi Cover payment) service requires that gpi members include the UETR and gpi Service Type Identifer in
their MT202COV and MT205COV messages. The gCOV service aligns with the gCCT (gpi Customer Credit Transfer)
service to provide speed, traceability, and certainty of payment amount.

The gSRP (gpi Stop and Recall Payment) service delivers requests for cancellation of a gCCT payment through
Tracker directly to the processing bank, efectively stopping the payment in the payment chain and supporting recall
of funds in case the benefciary has already been credited. With gSRP, gpi members are required to support the use of
structured MT192/MT196/MT199 messaging (or API equivalent) to request and respond to cancellation and recall
requests via Tracker.

In November 2019, it became optional for all gpi member banks to support the gFIT (gpi Financial Institution Transfer)
service by including the gpi Service Type Identifer in their MT202 and MT205 messages.

With the November 2019 SWIFT Standards Release, it became optional for all SWIFT member banks to provide these
confrmations to Tracker. To build a world where customers have certainty on all their payments, in November 2020, as
part of SWIFT’s annual Standards Release, it will become mandatory for all SWIFT member banks to support Universal
Confrmations by confrming to Tracker the amount, currency, and date/time of credit to the benefciary account.

SWIFT gpi continues to design digital transformation and explore technological innovation through a series of value
added services, such as gpi Instant payments (available in selected markets since June 2019), gpi Case Resolution
(available in controlled live since November 2019) and Pre-validation (expected go live early in 2020). These a just a few
of a number of value added services on the SWIFT gpi roadmap that are targeted to enhance the cross border payment
experience.

Wells Fargo is excited to be a part of the SWIFT gpi initiative and views it as a corner stone in the evolution of a new
correspondent-banking model for faster and more transparent cross-border transactions. Wells Fargo is live on gpi for
USD currency payments for our PNBPUS33, PNBPUS3N, and WFBUS6S SWIFT BICs.
 Wells Fargo Global Payments Handbook

ISO 20022 – the replacement of SWIFT FIN Messages and Reporting

U.S. Implementation Approach
July 2016 — The Federal Reserve Bank of New York (Fed) and The Clearing House (TCH) formed the Format Advisory
Group to advise the Fed and TCH on their respective ISO 20022 implementation planning activities, including detailed
mapping and identifcation of enhancements.
• The Fed and TCH have contributed to SWIFT’s High-Value Payment Systems Plus (HVPS+) Task Force
(composed of market infrastructures and banks) and its subgroups, including the interoperability subgroup.
• The Fed and TCH separately engaged SWIFT as a consultant to assist with detailed work (e.g., creating
mapping spreadsheets, ISO 20022 usage guidelines) for their respective systems.
• The Fed has also established a work group of some Format Advisory Group members and software vendors to
perform an in-depth review of the Fedwire Funds Service message format documents relating to the ISO 20022
implementation

Global Implementation Approach

In 2018/2019, the Payments Market Practice Group sponsored the Cross-Border Payments and Reporting Plus (CBPR+)
group. This group’s mission is to create global ISO 20022 Market Practice and Implementation Guidelines in order to
ensure a common rollout and implementation of ISO 20022 by banks for cross-border payments.
CBPR+’s Usage Guidelines will defne how ISO 20022 messages are to be used on the SWIFT network and be validated.
Therefore, a key deliverable of the CBPR+ group will be a proposal for an agreed, rigorous, and transparent governance
process for version management and maintenance of the usage guidelines.

All users of FIN Cat 1, 2, and 9 will be impacted and a translation service will be made available to the SWIFT
community. In order to make this possible, strong market practices are being defned, beyond like-for-like, and this is
where CBPR+ comes into play.

The CBPR+ work for core messages is planned to be concluded by end of 2019, which will then allow for time and testing
before live date in November 2021.
For some, a translation will be required and will be provided automatically by SWIFT. SWIFT translations service
includes the follow features:
• Translation rules will be built on « Enhanced » ISO 20022 CBPR+ guidelines -> truncation will be required
when translating ISO 20022 CBPR+ messages to MT.
• Truncation Flag identifcation will be defned to be used on FIN during coexistence period, i.e., 2021 -> 2025.
• Usage Guideline and Translation Rules documentation will be made publicly available on SWIFT’s MyStandards.
 Wells Fargo Global Payments Handbook

ISO — Implementation Timetable

The graphic below is a high level timetable of the implementation of ISO 20022 in diferent communities

USD
Phased approach Migration SWIFT Co- EURO Full Fedwire/CHIP Full ISO
for Fed and CHIPS starts Existence ISO 20022 Full ISO Q4 2022
under review.
2020 2021 2022 2023 2025

4th quarter will see MX to MT message Full ISO 20022 to Full ISO 20022 Full ISO 20022
the start of both FED translation align with Target 2 includes option to across most global
and SWIFT consideration send expanded felds payments footprint

USD PHASE 1 – November PHASE 2: Like for

PHASE 3:
Fedwire/ 23 Legacy format Like 18 month NA
Full ISO Q4
CHIPS cleaning migration
Big Bang to Full
EUR Target 2 NA
ISO 20022
Full ISO 20022 Full ISO 20022
Full
ISO
SWIFT MX CUG begins Co - Existence Co - Existence Co - Existence
MTs
GBP CHAPS NA Big Bang Like for like Like for like NACKed
JPY Zengin
Big Bang – Like for
Like for like
Like for like Like for like 20022
like
Hong Kong Full ISO as of NA NA NA
RTGS November 2019
Source: HVPS+ Working group

Message impact
The approach of the CBPR+ group is a two-year period to creating usage guidelines. The 2019 focus is on the high-volume
payment messages and reports shown in the below chart. The second year’s scope has yet to be announced.

MT ISO 20022
103 pacs.008
200/201/203/202/202COV/205 pacs.009
103 Return (RTN feld 71) pacs.004
N/A pacs.002
941 (balance report) camt.052
942 (interim report) camt.053
940/950 (statement) camt.054
210 (notice-to-receive) camt.057
CONTINGENCY CALL
192/292 (cancellations) camt.056
192/296/199/299 (query/answer) camt.029
 Wells Fargo Global Payments Handbook

European regulations
Payment Service Directive II and Open Banking
The second Payment Services Directive (PSD2) was issued by the European Commission in 2015 and took efect in January
2018. This regulation followed from PSD1, which sought to level protections and ofer transparency in payment fee practices
for consumers across the European Economic Area (EEA). The second directive, similar to Dodd-Frank in the U.S., seeks to
protect consumers and ensure that products sold to consumers are appropriately priced, thereby reducing the fees taken on
qualifying transactions. PSD2 basically eliminates “BEN” as a charge code for intra-EEA fows across all currencies.

PSD2 widened the scope of PSD1 by:

Introduced new payment transactions defnitions and changed the deductions applicable on a transaction based on origin
and destination:
• Non-EEA currency payments executed on an intra-EEA basis (e.g., USD or JPY), where the charge code “BEN” is
no longer applicable within the EEA
• One Leg Out (OLO) transactions in any currency, i.e., one of the Payment Service Providers (PSPs) are located in
the EEA and the other is located outside of the EEA

Broadened market access:

• New regulated Payment Service Providers with access to client account information and that facilitate
transaction initiation or aggregation are known as Third-Party Providers (TPPs) and further distinguished as
Payment Initiation Service Providers (PISPs) and Account Information Service Providers (AISPs).
• Access to payment systems and accounts for TPPs on a proportionate, objective, and non-discriminatory (POND)
basis.
• Strong Customer Authentication (SCA) has been introduced with WFBNA London Branch clients implemented
in phases for the industry go live of March 15, 2020, where all PSP must be compliant. The strong customer
authentication or two factor authentication (2FA), requires the inclusion of the following three factors:
• Knowledge
• Possession
• Inherence
• The enhanced security requirements provide a base for the expansion of services and is a requirement for
dynamic linking for electronic payments.
• All clients will receive tokens in order to access their London based accounts. For clients that access both USD
and MCA accounts all their employees with inquiry or reporting access will receive tokens.
• Clients will access their data via the CEO portal which ensures authentication prior to data access.
• The implementation is taking place in three phases with the fnal phase due to go live in February 2020.

Statements & Notices — As a result of the implementation of 2FA for all information provided out of the London branch,
account analysis statements that are typically delivered via Secure Document Distribution (SDD) will now require
delivery through CEO wires.

To emphasize access and competition across the banking sector, the regulation included requirements that banks allow
channels, or Application Program Interfaces (APIs), that could be used by TPPs to provide fnancial services using the
functionality and information supplied by the consumers’ banks. This portion of the regulation is often referred to as
“open banking.”

APIs are protocols that transfer data automatically from across applications. They can be viewed as similar to electrical
sockets that allow for programs to “plug in” to applications. To satisfy the requirements of PSD2, banks within the
European Union must provide APIs to enable access to their applications that maintain account information and payment
initiation functions to consumers. TPPs can then access client accounts via the APIs to the banks’ applications (with the
consumer’s consent) to provide fnancial products and services to both consumers and merchants.
 Wells Fargo Global Payments Handbook

August 2019 was the earliest that EU member states were expected to have implemented Regulatory Technical Standards
in compliance with PSD2. Wells Fargo’s London branch has begun to satisfy the technical requirements of the regulation,
including the creation of an API testing facility, which was made available for TPPs in March 2019. Full implementation
of PISP is expected to be complete by Q1 2020.

High-level payments overview — understanding the USD and EUR

payment systems
USD
The USD payment network within the U.S. consists of four primary payment vehicles:
• CHIPS (Clearing House Interbank Payment System)
• Fedwire
• ACH (Automated Clearing House)
• Checks

The following section gives a brief description of each of these payment methods:

CHIPS
CHIPS was established in 1970 by the New York Clearing House Association (now The Clearing House) and operates a real-
time, private sector payment system owned by banks. CHIPS maximizes processing efciencies, minimizes risk, and allows
participant banks to respond efectively to the ever-changing nature of domestic and international (cross-border) payments.

Wells Fargo is one of the early members of CHIPS. CHIPS is a real-time net settlement (RTNS) system that uses a
patented multilateral netting process to settle payments with minimal use of liquidity. The system continually scans its
payment database looking for ofsetting payments between two or more banks. This process ensures that payments are
made efciently and rapidly. Payments are considered fnal and settled when released by CHIPS. Neither daylight nor
overnight overdrafts are allowed, eliminating any fnancial risk to CHIPS or its participants.

Each CHIPS participant is assigned a four-digit CHIPS Participant Number (often referred to as the CHIPS ABA
number), which serves as a bank identifer within CHIPS and in SWIFT messages. In addition, CHIPS participants have
the ability to assign a unique Universal Identifcation Number (UID) for accounts on their books. This six-digit UID is a
valuable tool in promoting straight-through processing (STP), since it can be used to uniquely identify bank and corporate
customers without the need to provide sensitive account information.

Fedwire
Fedwire is the electronic, large-value payment system managed by the Federal Reserve Bank of the United States.
Fedwire is a real-time gross settlement (RTGS) system, meaning all transfers occur in real time, and settlement is
immediate and fnal on the remitting and receiving banks’ accounts with the Federal Reserve Bank. Wells Fargo is
among the largest Fedwire processing banks. Daylight overdrafts are allowed in this network, but such overdrafts are
closely monitored and controlled. A charge is assessed based on the amount of the overdraft per minute.

Every bank in the U.S. that maintains an account with the central bank (The Fed) is assigned an ABA number used to
facilitate specifc business clearing needs, including high-value payments, securities, ACH, checks, etc. Having an ABA
number does not necessarily indicate a bank’s eligibility to participate in the high-value payment system known as
Fedwire. It is common to have a series of ABA numbers dedicated to support check clearing and ACH, while a separate
and distinct ABA is maintained for the purposes of high-value payment (Fedwire). Each ABA consists of nine digits.

Wells Fargo kindly asks that you verify that an ABA number is eligible to receive Fedwire payments before including
it in your high-value payments. The link to the Federal Reserve website where you can verify all ABA numbers is the
following: http://www.fedwiredirectory.frb.org/search.cfm.
 Wells Fargo Global Payments Handbook

Fedwire and CHIPS processing hours

CHIPS and Fedwire provide extended processing hours to support global cross-border payment processing. Operating
hours commence at 21:00 ET on the day prior to value date for both systems. The CHIPS processing ends at 17:00 ET for
third-party transactions. Third-party Fedwire processing ends one hour later, at 18:00 ET. Although all banks in the U.S.
can participate in the extended processing hours, only a few, very large correspondent banks choose to take advantage of
the early opening. Wells Fargo is one of the large fnancial institutions that participate in the entire processing day. Many
U.S. fnancial institutions choose to join the payment networks in the early U.S. morning (7:00 — 8:00 ET).

What are the implications of the extended Fedwire and CHIPS hours for you?
The extended processing hours in the U.S. complement the working hours in many international markets. The primary
driver of extended hours is greater overlap of the U.S. payments systems with overseas markets. In addition to the risk
mitigation benefts of the extended day, your benefciaries will receive earlier posting and notifcation of the proceeds.

ACH
ACH is a low-cost, low-value (deferred settlement) payment system. It was originally designed as a replacement for
the check processing system in the United States. The ACH system links more than 8,000 fnancial institutions in the
U.S., including commercial banks, savings and loan institutions, and credit unions. Oversight responsibility for the
ACH network is provided by the National Automated Clearing House Association (NACHA). NACHA sets guidelines
and rules for its participating banks. ACH is a paperless, batch-based, store-and-forward payment system. Settlement
is accomplished by debiting and crediting the Federal Reserve accounts of participating fnancial institutions. ACH is
used primarily for low-value, non-time-sensitive payments. Most ACH payments take two days to reach the benefciary.
Examples of ACH payments include pensions, dividends, and direct payroll deposit. Wells Fargo was one of the
frst banks in the United States to develop and employ an automated interface between SWIFT and ACH using our
GlobalPay.File service. Wells Fargo is one of seven banks that have organized its own processing services as an ACH
association through the Electronic Payments Network (EPN), formerly known as NYACH. Wells Fargo is one of the
largest originators of ACH transactions in the U.S.

Checks
While use of checks is the most time-consuming of the various payment methods described, checks still remains the
most popular form of payment in the United States.

Euro
Wells Fargo partners with correspondent banks in the European Union through our London branch to ofer indirect
participation in the main euro payment systems, TARGET2 and EBA EURO1, allowing us to ensure that your euro
payments are efected quickly and efciently. The following section gives a brief description of each of these payment
systems used by our correspondent bank partners:

TARGET2
TARGET2 is the Real-Time Gross Settlement (RTGS) system for transactions in euro. TARGET stands for Trans-
European Automated Real-Time Gross Settlement Express Transfers. TARGET2 is the second generation of TARGET.
Payment transactions are settled one-by-one on a continuous basis in Central Bank money with immediate fnality. There
is no upper or lower limit on the value of payments.

Approximately 10,056 direct and 659 indirect participants and 4,091 correspondents are accessible via TARGET2.
TARGET2 is operated by the Eurosystem (the European Central Bank and other EU Central Banks). Being an RTGS
system, each payment is processed in real time, and settlement is immediate across the accounts that banks hold with
their Central Bank. The system operates using SWIFT and the identifcation of banks within TARGET2 is through the
use of the SWIFT BIC.

TARGET2 opens at 7:00 Central European Time (CET) and closes at 17:00 CET for customer payments. An additional
hour is available at the end of the day for direct participants to square their positions.
 Wells Fargo Global Payments Handbook

EBA EURO1
EBA EURO1 is a same-day payment system run by the Euro Banking Association (EBA). Launched in 1998, EBA EURO1
was developed in order to provide an efcient, secure, and cost-efective net settlement infrastructure, but with immediate
fnality for all euro high-value payments processed. Similar to the CHIPS system for USD, EBA EURO performs rolling
multilateral netting and settlement throughout the day among its 51 participant banks. Each EBA EURO1 participant
only has one single obligation/claim toward the system as a whole. EBA EURO1 is a private-sector-owned system used for
domestic and cross-border single payments in euro between banks operating in the European Union. There are 22,203
BICs reachable via the EURO1/STEP1 participants as listed in the EURO1/STEP1 directory.

EBA EURO1 is an alternative to TARGET2 similar to TARGET2, it is a SWIFT-based system with banks identifed via
SWIFT BICs. Although it is a netting system, payments processed via EBA EURO1 are irrevocable and processed with
immediate fnality.

EURO1 opens at 7:30 CET and closes at 16:00 CET for payment processing. During the fnal settlement window,
members’ fnal positions are sent by EBA Clearing to each member. A member with an end-of-day obligation is
to pay to EBA EURO1 for its obligation via TARGET2 and a member with an end-of-day claim receives the claim via
TARGET2 from EBA EURO1. The service provides a unique RTGS-equivalent multilateral net settlement arrangement,
duly approved by the European Central Bank (ECB).

Other euro systems

There are other euro payment systems, which are described briefy below. Wells Fargo is not a direct member but, where
necessary, can access the systems via a partner to provide you with the services you need. Some of the systems are for
intra-EU payments only and relate to various regulations and directives of the European Union to have all intra-EU
payments treated as domestic rather than cross-border.

STEP1
This is efectively the same as EURO1, but members are not able to settle directly. Members of STEP1 have to use a
EURO1 member to settle their end-of-day obligations. The membership comprises banks that do not comply with the
strict EURO1 admission criteria. On a daily basis, STEP1 processes approximately 20,000 transactions for a total value of
more than 1 billion euros.
STEP2
This is a pan-European ACH service, run by the EBA Clearing. It is restricted to intra-EU/EEA EURO transactions
(i.e., SEPA Credit Transfer — SCT and SEPA Direct Debit — SDD) . Wells Fargo is not currently a direct member since our
business is largely into or out of the EU/EEA, rather than within the Eurozone.

SEPA (Single Euro Payments Area)

Specifcally for euro payments where the accounts of the originator and benefciary are within the EU (and the expanded
European Economic Area — EEA and voluntary adopters such as Switzerland), this payment scheme was developed with
the intention of replacing all existing national euro ACH systems in Europe. There are several Clearing and Settlement
Mechanisms (CSMs) ofering banks a service, and this is a further step toward ensuring that payments across Europe
can be handled in the same way as domestic (national) transactions. Since this is purely an intra-Europe payment service,
Wells Fargo is not a direct member, but has access to the process through a partner in order to provide the service to you
where required.

Checks
There is no pan-European euro check clearing system. Each country has its own national clearing system and, in view
of the declared intention to reduce the volume of checks used in Europe, it is unlikely that this will change. Wells Fargo
recognizes the need to be able to clear checks across Europe and uses partnership arrangements to be able to ofer a pan-
European check clearing capability.
 Wells Fargo Global Payments Handbook

U.S. government regulations on the processing of your payments

Because Wells Fargo is a U.S. bank, we are bound by all U.S. government regulations irrespective of where we process
transactions. The following information is therefore relevant to all your business with Wells Fargo, whether processed in
the United States, Taipei, Hong Kong, London, or Tokyo.

Ofce of Foreign Assets Control (OFAC)

The Ofce of Foreign Assets Control (“OFAC”) of the U.S. Department of the Treasury administers and enforces
economic and trade sanctions based on U.S. foreign policy and national security goals against targeted foreign countries
and regimes, terrorists, international narcotics trafckers, those engaged in activities related to the proliferation of
weapons of mass destruction, and other threats to the national security, foreign policy, or economy of the United States.

In order to comply with these regulations, Wells Fargo employs sophisticated software that automatically scans all
payments for countries, entities, or individuals that appear on OFAC’s sanctions list. If the payment scan results in
identifying a transaction that may be related to a sanctioned country or entity, the payment must be stopped and
reviewed. We may ask you for additional information to clarify the parties involved in a transaction.

We strongly encourage your prompt cooperation in the event your bank receives such an inquiry/Request For
Information (RFI); this will help to prevent delays in processing your transactions. If a sanctioned party is indeed
involved in the transaction, Wells Fargo is required to either block the funds or reject the transactions and report the
information to OFAC. Blocked funds can only be released with the authorization of OFAC. While Wells Fargo values
its customers and recognizes the importance of expedient processing, if we are required under regulation to block a
payment, Wells Fargo or any U.S. bank must comply with the order until approval for release of the payment is received
from the U.S. Treasury Department.

Additionally, Wells Fargo’s software provides the ability for local regulation sanction lists scanning, e.g., HM Treasury,
United Nations (UN), European Union (EU), Government of Japan (GOJ), and Hong Kong Monetary Authority (HKMA).
The regulatory authority under which a transaction is subject decides which lists will be scanned. This ensures
Wells Fargo’s adherence to local regulatory authorities, given our various processing locations throughout the world.

Additional information can be found on OFAC’s website at https://www.treasury.gov/resource-center/sanctions/Pages/

default.aspx.

Information Reporting and Bank Secrecy Act

The Information Reporting and Bank Secrecy Act of 1970 (BSA) is one of the fundamental federal regulations addressing
money laundering. The BSA requires banks and other fnancial institutions to report certain transactions to government
agencies. A component of the BSA called “The Travel Rule” requires fnancial institutions to pass all relevant information
(reference, originating bank, originating party, remitter, benefciary, benefciary’s banker, and pay-through banks’
reference) to the next party in the transaction.

Financial institutions are also required to report suspicious transactions. Additionally, several amendments to the BSA
establish the laundering of proceeds from illegal activities as a criminal ofense and require fnancial institutions to build
internal infrastructure with certain required components aimed at prevention, detection, and reporting of suspicious
activity through adequate know-your-customer and anti-money-laundering programs and monitoring.
 Wells Fargo Global Payments Handbook

10

USA PATRIOT Act

The Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism
Act (USA PATRIOT Act) of 2001 was largely designed to provide law enforcement with additional investigative tools.
Title III of this Act, itself titled, “The International Money Laundering Abatement and Anti- Terrorist Financing Act
of 2001,” includes certain provisions intended to aid in the prevention, detection, and prosecution of international
money laundering and terrorist fnancing activities. Primary requirements of the Act include, but are not limited to,
the development of comprehensive, risk-focused compliance programs, including enhanced requirements for higher
risk customers, the certifcation of foreign banks with correspondent accounts, and the prohibition of accounts for
certain foreign shell banks. A signifcant distinguishing feature of this Act is that it extends legislative and regulatory
requirements for anti-money laundering and counter terrorist prevention from banks to nonbank fnancial institutions.
USA PATRIOT Act certifcations are required, as part of the KYC process, when banks open US dollar accounts.

Dodd-Frank l073
Section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank 1073) is designed to
protect U.S. consumers by providing full transparency to the international payment process and spurring price reduction
through competition. It amends the Electronic Funds Transfer Act and Regulation E (U.S. federal law), efectively
replacing UCC4A as the law governing U.S. consumer originated international payments.

Dodd-Frank 1073 only applies to international payments originated by a natural person from an account at a Remittance
Transfer Provider (e.g., U.S. banks or other fnancial institutions) located in the United States. It does not apply to
payments originated by corporates or other non-consumers.

The international payment can be to any type of benefciary (natural person, corporate entity, government, etc.) located
outside the United States. Dodd-Frank 1073 mandates that the Remittance Transfer Provider give the U.S. consumer
certain pre-payment and receipt disclosures related to payment costs, payment timing, cancellation, and error resolution
rights. Regulated by the Consumer Financial Protection Bureau, the compliance is mandatory, efective October 28, 2013.

Please contact your Wells Fargo representative for further details.

How your payments are processed by Wells Fargo

When a correctly formatted USD SWIFT or CyberPay payment message is received, it is automatically processed and one
or more of the following payment types will result, depending on the benefciary bank:
– Book transfer (for payment to an account at Wells Fargo)
– CHIPS payment
– Fedwire payment
– Check issuance

We encourage the use of the serial payment method. By sending a single SWIFT payment message to Wells Fargo, we
efect the payment in the most efcient manner and provide all required payment orders and/or advices to the benefciary
bank and/or intermediary bank automatically. There is no need for you to send multiple SWIFT messages to other banks.

The preferred method of settlement for commercial payments is through book transfers. Wells Fargo maintains one of
the most extensive networks of direct correspondent bank relationships in the industry, enabling your payments to be
delivered faster and without reliance on additional intermediate banks.
 Wells Fargo Global Payments Handbook

11

Incorrectly formatted payment messages are routed to various repair queues for automated and/or manual review. When
manual review is required, our experienced processing staf will quickly determine how to repair the message in order to
efect the payment in the most efcient manner. Their goal is to complete the payment repair and to release it the same
day it is received.

In those circumstances when a payment cannot be efected because of insufcient or incorrect information, our customer
service representatives act quickly, often in conjunction with our local representative in your market, to notify you of the
reason why the payment could not be efected. Similarly, the benefciary bank might be unable to apply the payment
due to reasons such as wrong account number, wrong benefciary name, etc. Each inquiry processed by the customer
service representative is assigned a case tracking number with a history of all related messages attached. Our advanced
investigation system aids us greatly in the rapid resolution of such cases.

Wells Fargo strongly recommends that your fnancial institution adheres to FATF Recommendation 16 (FATF R 16) with
respect to ensuring complete originator and benefciary information.

Wells Fargo’s USD payment products

The following is a brief description of Wells Fargo’s payment products. For more information on these products, please
contact your local relationship manager or regional product specialist.

USD payment products

Commercial payments
GlobalPay.USD:
Allows commercial payments destined to U.S. and international benefciary banks located around the world be made
serially to the next bank in the payment chain with settlement often taking place directly on Wells Fargo’s books.

GlobalPay.Intraday:
Allows commercial payments destined to international benefciary banks located around the world to be advised
promptly on value date, often directly on Wells Fargo’s books, or using the advice and cover payment method when
settlement will take place through the benefciary bank’s nostro agent.

CyberFile.Transfer:
Allows you to transmit USD and FX high-value payments in a single batch of payments to Wells Fargo. This fexible
service supports standard MT103, MT202, and MT200 payments, or custom fle formats and multiple communication
options, including SWIFT FileAct and Wells Fargo’s proprietary Data Transmission Services.

GlobalPay.File:
Is designed for your high-volume, low-value payments made to benefciaries on a recurring basis (e.g., dividend, payroll,
or pension payments). This service supports an MT102 fle format of payments to Wells Fargo utilizing SWIFT FileAct or
SWIFT FIN. Payments sent by this service are efected via CHIPS, Fedwire, book transfer, ACH (U.S.), or check.

GlobalPay.FX:
Provides you with an easy solution to execute currency payments to benefciaries worldwide from your USD IIS account
with Wells Fargo (FX Sell). In addition, you have the ability to receive foreign currency payments into your USD IIS
account for further credit of USD to benefciary accounts on your books (FX Buy).
 Wells Fargo Global Payments Handbook

12

GlobalPay.FXIQ:
Is a value-added service for your USD commercial payments efected out of your IIS account. Commonly referred to as
“auto-convert,” it is a feature whereby Wells Fargo applies system-based rules to determine if a USD payment may be
converted into the local currency of the benefciary’s account, and if so apply such conversion and forward the payment in
foreign currency.

Principal Preservation
GlobalPay.PayProtect:
Ofers an economical alternative to traditional fee management solutions when you need to protect the principal amount
of the payment, but do not wish to assume responsibility for fees that the benefciary bank may assess separately to the
benefciary.

GlobalPay.NoDeduct:
Preserves payment principal by instructing that the benefciary should receive the full value of the payment without any
deductions or fees assessed to the benefciary at any bank in the payment chain, including the benefciary bank.

GlobalPay.OneDeduct:
Preserves payment principal by instructing that a single agreed-upon fee is deducted by Wells Fargo and that no
other fees in the payment chain are assessed to the benefciary at any other bank in the payment chain, including the
benefciary bank.

Treasury payments
TreasuryPay.USD:
Helps you manage your treasury function, by facilitating the control and movement of large-value USD wire transfers
from or to other fnancial institutions, or between your own accounts at Wells Fargo or elsewhere.

Trade payments
Trade.Export Collect:
Provides an extended range of collection options and customizable features to meet your USD export bill collection
needs. Utilizing your collection details, we can help expedite collections on your behalf using our sophisticated scanning
and automated tracing capabilities.

TradePay.202 Deduct:
Enables you to reduce your trade payment settlement cost when the terms of the transaction specify that all charges are
for the account of the benefciary institution. The service is available for transactions in which all parties are fnancial
institutions.

TradePay.740:
Allows you to automate your import related payments and reduce the associated costs of reconciliation, tracing, and
tracking by concentrating all of your authorizations and claims through your USD account held with Wells Fargo.
 Wells Fargo Global Payments Handbook

13

GlobalPay.FX Formatting Guidelines – SWIFT

GlobalPay.FX (GPFX) is a service that allows customers to make or receive foreign currency payments from/to their USD
account with Wells Fargo (BIC: PNBPUS3N or PNBPUS33).

The formatting specifcations provided in this document relate to payment instructions received via SWIFT, for
both customer transfers (MT103 messages) and bank transfers (MT200/202 messages). Note that the formatting
requirements, as recommended herein, are not mandatory for processing a payment under the GlobalPay.FX service.
However, payments that are not formatted in accordance with these guidelines may risk being processed incorrectly or
with possible delays or additional inquiries.

Outbound foreign currency payments / debit to USD account (“GPFX Sells”)

Payment instruction must be sent to PNBPUS33 or PNBPUS3N.
Field 32A must contain the currency code and the amount in the foreign currency to be remitted.
Field 72 must contain one of the following code phrases on the frst line:

Code Phrase Example

/REC/GPFX/rate/contract number MT103
In cases where a rate has been obtained by booking a :20: ……..
contract with the FX desk. :23B: ….
:32A: 190822JPY8164200,
:50a: ……………………………………
:57a: …………
:59: ………….
:71A: …
:72: /REC/GPFX/110.65/235167

/REC/GPFX/rate MT103
In cases where a rate has been obtained from a rate sheet. :20: ……..
:23B: ….
:32A: 190822JPY8164200,
:50a: ……………………………………
:57a: …………
:59: ………….
:71A: …
:72: /REC/GPFX/110.65

/REC/GPFX/ MT103
In cases where no rate has been obtained in advance. If no :20: ……..
rate is included, the system will automatically apply a rate. :23B: ….
:32A: 190822JPY8164200,
:50a: ……………………………………
:57a: …………
:59: ………….
:71A: …
:72: /REC/GPFX/
 Wells Fargo Global Payments Handbook

14

Outbound TradePay.202 payments in foreign currency/debit to USD account

For TradePay.202 payment instructions in foreign currency, in addition to the formatting specifcations indicated before,
the code phrase in feld 72 may contain the codeword used to identify a TradePay.202 instruction, as follows:
/REC/BEN/GPFX/rate/contract number
Or /REC/BEN/GPFX/rate/
Or /REC/BEN/GPFX/

Our standard codeword to identify TradePay.202 transactions is /REC/BEN/. If an alternative codeword of your choice
has been agreed upon, please substitute that codeword in place of /BEN/.

TradePay.202 transactions that are identifed through means other than a codeword (e.g. reference text), the code phrase
for GPFX is used on the frst line of feld 72, with any reference information continuing in subsequent lines.

Condition Example
TradePay MT202 identifed through codeword; MT202
FX rate and contract number received through FX desk. :20: ……..
:21: ….
:32A: 190822JPY8164200,
:58a: …………
:72: /REC/BEN/GPFX/110.65/235167

TradePay MT202 identifed through reference text; FX rate MT202

obtained from rate sheet. :20: ……..
:21: ….
:32A: 190822EUR12463,12
:58a: …………
:72: /REC/GPFX/1.1352
//REFERENCE HK123456

General Note on use of /REC/ in feld 72 of SWIFT messages:-

With the implementation of the SWIFT Standards Release 2019, the code word /REC/ is no longer a standard code word
published in the SWIFT Message Reference Guide. However, it may continue to be used as bilaterally agreed between a
sender and receiver.

Inbound foreign currency receipts / credit to USD account (“GPFX Buys”)

Inbound foreign currency payments may be received at our SWIFT BICs PNBPUS3N (or PNBPUS33) in favor of
yourselves as benefciary bank or as intermediary bank, in accordance with standard settlement instructions (SSIs) or
other remitting instructions you provide to your customers for that currency.

Such currency settlement instructions should typically include:

Currency code(s): the currency(ies) for which the standard settlement instruction applies.
Note: Only include those currencies which you want converted to USD, and which are supported under the GPFX service.
(Refer the GlobalPay.FX Currency Guide for supported currencies.)

Your SWIFT BIC: as the benefciary bank or intermediary bank to receive the foreign currency.

Your Correspondent Bank: the bank at which you want the currency to be received.
For GlobalPay.FX receipts, this should always be PNBPUS3N.
Unless you maintain multiple USD accounts, it is not necessary to provide your USD account number with PNBPUS3N or
PNBPUS33.
 Wells Fargo Global Payments Handbook

15

Wells Fargo does not require any GlobalPay.FX formatting specifcations for inbound foreign currency receipt messages
other than standard SWIFT message format and usage guidelines.

By way of an example, a typical SWIFT payment message (MT103/MT202) sent by the originating bank formatted in
line with standard settlement instructions as mentioned above would look as under:

Sender: Originating Bank (OGB) BIC

Receiver: OGB’s currency correspondent BIC
MT103
:20: ……………………..
:23B: CRED
:32A: yymmddEUR12000,
:50a: ORIGINATOR NAME AND ADDRESS……………..…………………………….
:56A: PNBPUS3N
:57A: YOUR SWIFT BIC
:59: /BENEFICIARY ACCOUNT BENEFICIARY NAME AND ADDRESS……………..
:71A: …

Wells Fargo’s euro payment products

Commercial payments
GlobalPay.Euro:
These euro payments, initiated from your euro account by means of SWIFT MT103 or CyberPay, are defned as those
transactions in which at least one party is a non-fnancial institution (e.g., open account trade transaction, retail, or
commercial payment).

Treasury payments
TreasuryPay.Euro:
Is designed for the high-value euro transfers related to treasury activities, such as foreign exchange, money market
transactions, and other interbank payments, where no fee deduction is required. Initiation by SWIFT is through the
MT2xx series of messages (MT200/1/2/3). In CyberPay, the bank transfer screens are used. Ofered on a limited basis.

Trade payments
TradePay.Euro 202Deduct:
Is particularly useful to capture charges for your euro trade payments, such as LC-related remittances, where charges are
for the account of the benefciary institution. The service is available for transactions in which all parties are fnancial
institutions.

TradeEuro.Export Collect:
Is used with export letters of credit or documentary collections denominated in euro. This service provides the ability for
you to appoint Wells Fargo as your agent for reimbursement claims to the paying bank, tracing of payment of acceptance,
and receipt of funds on their behalf.

TradePay.Euro 740:
Allows you to automate your import-related payments denominated in EUR and reduce the associated costs of
reconciliation, tracing, and tracking by concentrating all of your authorizations and claims through your EUR account
held with Wells Fargo.
 Wells Fargo Global Payments Handbook

16

USD payment reference guide

Wells Fargo incoming routing instructions
Wells Fargo Bank, N.A. New York SWIFT BIC: PNBPUS3NNYC
CHIPS Participant Number: 0509
FED ABA Routing Number: 026005092

CHIPS Participant Routing Numbers

CHIPS Routing Bank name SWIFT BIC FED ABA
Number
0184 Banco Bilbao Vizcaya, S.A. BBVAUS33 026001847
0355 Banco do Brasil S.A. BRASUS33 026003557
0869 Bangkok Bank Public Company Limited BKKBUS33 026008691
0279 Bank Leumi USA LUMIUS3N 026002794
0959 Bank of America, N.A. BOFAUS3N 026009593
0326 Bank of China BKCHUS33 026003269
1262 Bank of Communications COMMUS33 026012629
0253 Bank of Nova Scotia NOSCUS33 026002532
0963 Bank of Tokyo-Mitsubishi UFJ, Ltd. BOTKUS33 026009632
0257 Barclays Bank PLC BARCUS33 026002574
0768 BNP Paribas New York BNPAUS3N 026007689
0160 Branch Banking and Trust Company BRBTUS33 053201607
0480 Brown Brothers Harriman & Co. BBHCUS33 026004802
0600 China Citic Bank Int’l LTD. KWHKUS33 026006004
1468 China Construction Bank Corporation PCBCUS33 026014685
1455 China Merchants Bank CMBCUS33 026014559
0008 Citibank, N.A. CITIUS33 021000089
0804 Commerzbank AG COBAUS3X 026008044
0807 Credit Agricole Corporation and Investment Bank CRLSUS33 026008073
0865 Credit Industriel et Commercial CMCIUS33 026008659
0378 Deutsche Bank AG DEUTUS33 026003780
0103 Deutsche Bank Trust Co Americas BKTRUS33 021001033
0031 Fifth Third Bank FTBCUS3C 042000314
0736 Habib American Bank HANYUS33 026007362
0108 HSBC Bank USA MRMDUS33 021001088
1459 Industrial and Commercial Bank of China ICBKUS33 026014591
0531 Intesa Sanpaolo S.p.A. BCITUS33 026005319
0976 Israel Discount Bank of New York IDBYUS33 026009768
0002 JPMorgan Chase Bank, N.A. CHASUS33 021000021
0824 KBC Bank N.V. KREDUS33 026008248
0555 Manufacturers and Traders Trust Company MANTUS33 022000046
0174 Mashreqbank psc MSHQUS33 026011743
0908 Mega Int’l Commercial Bank Co. ICBCUS33 026009085
0430 Mizuho Bank, Ltd. – NY MHCBUS33 026004307
 Wells Fargo Global Payments Handbook

17

CHIPS Routing Bank name SWIFT BIC FED ABA

Number
0422 Societe Generale SOGEUS33 026004226
0256 Standard Chartered Bank SCBLUS33 026002561
0914 State Bank of India SBINUS33 026009140
0487 State Street Bank and Trust Company SBOSUS3N 026009166
0967 Sumitomo Mitsui Banking Corporation SMBCUS33 026009674
0001 The Bank of New York Mellon IRVTUS3N 021000018
0112 The Northern Trust Company CNORUS44 026001122
0799 UBS AG UBSWUS33PID 026007993
0049 Union Bank, N.A. BOFCUS33MPK 122000496
0509 Wells Fargo Bank NY INTL. PNBPUS3NNYC 026005092
0407 Wells Fargo Bank, San Francisco WFBIUS6S 121000248

Payment Instructions Receipt Cut-of Times by Delivery Channel Clearing Cut-ofTimes

SWIFT, Wells Fargo Cyber and Data

USD Transmission Services Fedwire and CHIPS Origination** Book CHIPS Fedwire

STP 17:45* CHIPS:16:45* FED:17:45* 18:30 17:00 18:00

Non-STP 17:30* CHIPS:16:30* FED:17:30* 18:30 17:00 18:00

* Instructions received after the cut-of times above will be processed on a commercially reasonable best-eforts basis.

Federal Reserve Bank — Funds Transfer Routing Number search

The below link can be utilized to determine if a Fed ABA routing number is eligible for funds transfer.*
https://www.frbservices.org/EPaymentsDirectory/agreement.html
* Financial institutions maintain ABAs that are used for ACH transfers; ACH ABAs should never be used to identify a
financial institution in a funds transfer.

SWIFT — Search
The link below can be utilized to determine if a SWIFT BIC on line is eligible for funds transfer.
http://www.swift.com/bsl/index.faces?bicSearch

New York Clearing House — Participant List

The link below can be utilized to look up a CHIPS Participant Number or CHIPS UID number.
https://www.theclearinghouse.org/uid-lookup
 Wells Fargo Global Payments Handbook

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Fedwire and CHIPS formatting guide

Principles for straight-through processing of CHIPS and Fedwire payments
1. Although Wells Fargo does not require the inclusion of an intermediary bank. If you have the intermediary bank
information, we encourage you to include it in your payment instruction. We will utilize our extensive network of
correspondent bank accounts, routing database, and payment experience to select an intermediary bank if one is
required.
2. Always place each party in its designated CHIPS or FED feld and always precede the party identifer with its
correct identifer code. The SWIFT BIC is the preferred means of identifcation.
3. In the Intermediary Bank feld, please ensure that you are not repeating the information contained in the
Benefciary Bank feld.
4. Never abbreviate a bank name. It could potentially stop a payment from being completed and advised.
5. Obtain and provide, in the payment instructions, the maximum possible amount of information from the
originator.

The most complete source of information will always be the originator. Some examples are:
• Full name and address of originator and benefciary, including country (it is not recommended to use a PO Box)
• Date of birth of any foreign national
• Benefciary national ID number or passport number
• Purpose of payment
• IMO (International Maritime Organization) ship identifcation number and fag from vessel

CHIPS format:
Field tag # Field name Content Comment
Amount applied before deduction,
260 Amount USD amount
if applicable

201 Sender FI Sender CHIPS number (4 characters)

320 Sender Reference 16 characters

211 Receiver FI 0509 Wells Fargo’s dedicated CHIPS number

400 Intermediary FI Intermediary’s identifer Optional

SWIFT BIC or CHIPS UID number for Name and address also acceptable if
412 Benefciary’s FI
benefciary’s bank, name, and address SWIFT BIC or CHIPS UID is not available

Benefciary’s account identifer,

422 Benefciary Information
name, and address

Originator’s identifer (e.g., account

502 Originator Information
number), name, and address

650 FI to FI Information
 Wells Fargo Global Payments Handbook

19

Fedwire format:
Field tag # Field name Content Comment
Amount applied before deduction,
2000 Amount USD amount
if applicable
Sender ABA number (9 characters)
3100 Sender FI
Sender short name (18 characters)
3320 Sender Reference 16 characters
3400 Receiver FI 026005092 Wells Fargo’s dedicated ABA number
Optional. Wells Fargo identifes
4000 Intermediary FI Intermediary’s identifer
all required intermediaries
SWIFT BIC for benefciary’s bank, name, Name and address also acceptable if
4100 Benefciary’s FI
and address SWIFT BIC is not available
Benefciary’s account identifer,
4200 Benefciary Information
name, and address
Originator’s identifer (e.g., account
5000 Originator Information
number), name, and address
6500 FI to FI Information

Fedwire format example:

Original Fedwire payment instructions
{1100} Msg Disposition : 30P N
{1110} Time-Stamp : 0715 1047 FT03
{1120} Omad : 2018079 E6B7088C 000022
{1510} Type/SubType Code : 10 00
{1520} Imad : 201807159 E6B7011C 000028
{2000} Amount : $20,615.00
{3100} Sender Fi : 256070000
LEFT BANK
{3320} Sending Bank Ref# : 3429991 071513
{3400} Receiver Fi : 026005092
Wells Fargo NY INT
{3600} Business Function : CTR (Customer Transfer)
{4100} BBK- : BCCDDBKAX
CHINA BANK
123 STREET
HONGKONG
{4200} BNF FI - : BCCDDBKAY
CHINA BANK
456 STREET
SINGAPORE
{6000} OBI- TRANSFER FEES
 Wells Fargo Global Payments Handbook

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International payment formatting guide

Formatting overview
The purpose of this section is to provide helpful information on SWIFT or CyberPay payment formats in order to
maximize straight-through processing (STP) of your payments at Wells Fargo. STP simply means according to SWIFT
standards or Wells Fargo’s CyberPay requirements so that they fow “straight-through” our funds transfer systems without
any operator intervention. In doing so, you decrease the likelihood of investigations, which ultimately leads to better
service for your customers. Two types of payments will be discussed in this section: customer transfers (also referred to as
a third-party or commercial payments) and bank-to-bank (also referred to as treasury/trade-related payments) transfers.

Customer transfers are sent using SWIFT messages or through Wells Fargo proprietary payment initiation service,
CyberPay. SWIFT defnes the 1XX message series as a customer transfer, whereby the ordering party and/or the ultimate
benefciary is a nonbank entity. The underlying transaction is typically a payment from an individual or corporation to
another to settle trade transactions, personal transfers, travel, or any other purpose.

Bank-to-bank transfers are sent using SWIFT MT200s, MT201s, MT202s, or MT203s message types or through
Wells Fargo’s proprietary payment service, CyberPay. The underlying transaction typically includes foreign exchange
and money market settlements, loan disbursements and repayments, and may also include trade remittances.

A variant of the MT202, the MT202COV, is used where an MT103 commercial payment is sent directly to a benefciary
bank, but there is a need to provide cover through a third (intermediary) bank. This method of sending payments is
called the Advice and Cover Method (also known as split advising). Wells Fargo strongly recommends that you send your
commercial payments through Wells Fargo, using the “serial” method rather than splitting the MT103 and MT202COV.

We provide you with links to assist in looking up key payment routing information, such as IBAN validation, SWIFT,
BIC, CHIPS UID, CHIPS Participant Number, and Fed ABA routing numbers for improved straight-through processing.
These links go directly to SWIFT, CHIPS, and the Federal Reserve for the most current information on these payment
routing codes and can be located at wellsfargo.com/com/international/resources.

Wells Fargo U.S. SWIFT BICs for payment-related messaging

Wells Fargo maintains two primary SWIFT BIC codes in support of cross-border payments due to historical reasons:
• PNBPUS33PHL for accounts structure 200009*******
• PNBPUS3NNYC for accounts structure 200019*******
Kindly ensure to you the appropriate BIC based on your Wells Fargo account.

Four simple principles for straight-through processing for SWIFT

Always keep the following simple principles in mind when formatting payment orders:
1. Identify all bank parties with one internationally accepted identifer. Always use the SWIFT BIC code when
available, and remember to use feld option A. In USD clearing, always use a unique identifer, such as a SWIFT
BIC, CHIPS Participant Number, a Fedwire Routing number, or an account number (with name and address if the
bank maintains an account with Wells Fargo, or with the party in the intermediary bank feld). Avoid using just the
name and address of a party (except benefciaries in /CHQB/payments). Using feld option D will result in non-STP,
except when used with U.S. routing codes for Fedwire and CHIPS. Please note that international sort codes are not
required for USD payments.
For payments in currencies other than USD, SWIFT BIC or local routing code is used. Payments to European
Union countries and certain other countries may further require identifcation of the benefciary by use of an IBAN
(International Bank Account Number) as well as the full name and address.
 Wells Fargo Global Payments Handbook

21

2. Each party in a transaction must have a direct account relationship or a local clearing relationship with the
previous party in the transaction. If they do not, one party will not be able to move funds to the next party.
3. Always place each party in its designated SWIFT feld and always precede the party identifer with its correct
identifer code. Identifer codes are typically A, B, or D. Please refer to your SWIFT standard module for more
detailed information.
4. Obtain and provide in the payment instructions the maximum possible amount of information from the
originator. The most complete source of information will always be the originator.
Some examples are:
• Full name and address of originator and benefciary including country (it is not recommended to use a PO Box,
as this can be viewed as a red fag)
• Date of birth of any foreign national
• Benefciary national ID number or passport number
• Purpose of payment
• IMO (International Maritime Organization) ship identifcation number and fag from vessel

Book transfer — STP

A book transfer can be used to settle a transaction when the originating bank and benefciary bank or benefciary each
maintain an account with Wells Fargo. Book transfers improve payment timeliness by avoiding the use of an external
clearing network and eliminating the need to add another U.S. Clearing Institution (IBK) to the payment chain.

IBAN (International Bank Account Number)

The IBAN was introduced some years ago and has been adopted by each member of the EU and a growing number of
other nations. The purpose of the IBAN is to facilitate STP. It is a requirement to provide an IBAN whenever making a
payment into the eurozone and throughout Europe. Payments not containing an IBAN are subject to delay, additional
charges, and, in some cases, rejection.

The IBAN is the benefciary’s account number with the benefciary’s bank. In general, the IBAN is comprised of the
country code, two check digits, and a national bank identifer and account number. In some countries, it will also contain
the frst four characters of a SWIFT BIC. Only the benefciary can provide its IBAN. There is no published directory. Each
IBAN should be represented electronically as continuous text. But, for ease of translation, it may often be shown on paper
in blocks of four characters.

Examples
Germany DE89370400440532013000
UK GB29NWBK60161331926819
Saudi Arabia SA7001002001230301000398

IBAN formats vary from country to country. Specifc formats for each IBAN country can be obtained from the IBAN
Registry. SWIFT has been designated as the ofcial IBAN registration authority. The registry is posted on the SWIFT
website at http://www.swift.com/dsp/resources/documents/IBAN_Registry.pdf.

The IBAN should be placed in the benefciary account number feld (SWIFT MT103-f59).

It is worth noting here that your payment will only achieve full STP when the IBAN is used in conjunction with a SWIFT
BIC code in feld 57A format for the benefciary bank.

Below is an example of how the IBAN changes the format of feld 59:
:57A: CRESCHZZ70A
:59:/CH350023023012345678A
Johann Schweitzer Alpengasse 1, Geneva
 Wells Fargo Global Payments Handbook

22

NOTE:
Some common IBAN-related mistakes that prevent STP, even in the event of a BIC code being used in format A, are:
1. Quoting the term “IBAN” in front of the IBAN in feld 59 — the term “IBAN” is never part of a valid IBAN.
2. Quoting the IBAN number in feld 70/72 instead of in feld 59 — an IBAN refers only to the benefciary’s account
number.
3. Quoting the old account number in feld 59 and the IBAN number in feld 70/72.

SWIFT
SWIFT BIC address
SWIFT BICs are the best method of identifying fnancial institutions to facilitate the automated processing of
telecommunication messages in banking and related fnancial environments. The BIC consists of eight or 11 characters
comprising the Bank Code (4), Country Code (2), Location Code (2), and optional Branch Code (3). SWIFT BICs exist for
both connected (SWIFT BIC) and non-connected (NON-SWIFT BIC) institutions.

Those fnancial institutions that are not directly connected to SWIFT are identifed by a “1” in the eighth feld of their BIC
address.

U.S. National Clearing System codes

National clearing system codes, or identifers, may be utilized to identify certain parties in a SWIFT message and to
facilitate STP. When utilizing the following codes, be sure to include double slashes (e.g., //CH) before the actual routing
number qualifer ( //CH //CP, //FW).

The following are the most common U.S. clearing system codes:

CHIPS participant codes or routing numbers are four-digit numbers and are used in felds 56, 57, and 58. These codes
are used to identify participants in the CHIPS system. Only one CHIPS participant number should be present in an
instruction. Other parties in the payment order should be identifed using either a CHIPS UID or SWIFT BIC.

Example:
57D://CP0509
Wells Fargo Bank
New York, NY

A CHIPS UID is a six-digit number and is used in SWIFT felds 57, 58, 59, and CHIP Tags 4100 only when a CHIPS
participant code is used in the preceding party feld. The UID number identifes a particular account party (bank or
corporate) in a SWIFT message.

Example:
58D://CH123456
XYZ Bank
City, Country

Fedwire routing numbers, or Fed ABAs, are nine-digit numbers used to identify parties in the U.S. Federal Reserve
payment system (Fedwire). The Fed ABA is used in felds 56, 57, and 58.

Example:
57D://FW026005092
Wells Fargo Bank
Charlotte, NC
 Wells Fargo Global Payments Handbook

23

Other country clearing codes

Many countries have specifc clearing codes, although SWIFT BICs are now used more commonly to identify banks.
However, these codes can be included in your payment instructions, felds 56, 57, or 58, under option A (or D for payments
through the U.S.). Always begin with a double slash. Examples of these codes are:

UK — Sort Code. Example: //SC309634

Germany — Bankleitzahl. Eight digits. Example: //BL12345678
Please note that international sort codes are not required for USD payments. A SWIFT BIC is the preferred identifer for
straight-through processing.

Other party identifers

Account numbers or IBANs are most often found in felds 50 and 59 and are preceded with a single slash. Account
numbers identify the actual account of the originating party and the party to be credited at the benefciary bank. It is
imperative to always include the full remitter and benefciary name and address in addition to the account
number in both felds 50 and 59. The F option is the preferred formatting option.

In many countries, regulations have been introduced relating to a recommendation of the Financial Action Task Force
(FATF). The goal of this recommendation is to achieve full transparency in global payments. In enacting the regulations
to meet this objective, individual jurisdictions may have interpreted the recommendation slightly diferently. This has
resulted in some regulatory variation from country to country.

The basic requirement is generally the same: full information identifying the remitter (ordering party) and benefciary
must be included with each payment. The information required is generally the account number and full name and
address. In the absence of an account number for the remitter, some other form of identifcation must be obtained.

This information must be quoted in feld 50. Please note that the requirements in an originating jurisdiction and a
destination jurisdiction may vary.

It is possible that a payment that meets the originating bank’s regulatory hurdles may not meet the benefciary bank’s
regulatory requirements. If this happens, payments may be subject to delay, inquiry or, possibly, return — even though the
remitting bank met its regulatory requirements. It is, therefore, prudent to familiarize yourself with the various regulatory
requirements related to the FATF recommendation and incorporate them into your payment processing upfront.
Wells Fargo can help provide you with information related to these regulations.

CODES
In option F, the feld Number must contain one of the following numbers:
1. Name of the Benefciary Customer:
The number 1 followed by a slash, ‘/’ must be followed by the name of the benefciary customer.
2. Address Line:
The number 2 followed by a slash, ‘/’ must be followed by an Address Line (Address Line can be used to provide, for
example, street name and number, building name or post ofce box number).
3. Country and Town:
The frst occurrence of number 3 must be followed by a slash, ‘/’, the ISO country code, and optionally a slash ‘/’
followed by additional details.

Similarly, the second occurrence of number 3 must be followed by a slash and the continuation of additional details.
Additional details can contain Town, which can be complemented by postal code (for example, zip) and country
subdivision (for example, state, province, or county). It is preferred that the country code and town indicate the country
and town of residence, as provided by the ordering customer.
 Wells Fargo Global Payments Handbook

24

In option F, line numbers may be repeated.

In option F, if number 2 is present, the frst occurrence of number 3 must include the town in additional details.

Example (non-IBAN):
Option F Example
59F:1/JOHN SIMONS
2/3658 WITMER ROAD
3/US/POUGHKEEPSIE, NEW YORK 12602
3/DUTCHESS

Example (IBAN):
59F Preferred Option
59F:/BE30001212345678
1/MARK SMITH
2/HOOGSTRAAT 9,
3/BE/BRUSSELS

Example:
(Passport used to identify remitter in place of account number): 50F:/CCPT/US/12345678
1/SMITH JOHN
2/299, PARK AVENUE
3/US/NEW YORK, NY 10017

NOTE:
SWIFT standards provide nine, four-digit codes to specify the method of identifcation used to authenticate the remitter’s
identity. The identifer above, CCPT, indicates a passport. It is followed by the entity issuing the identifcation, in this case
the U.S. government. When using the F option in place of the account number, the method of identifcation should always
be formatted in this manner. The identifcation information should be followed by full address information. Further
information on the other available ID codes can be obtained from the SWIFT Standards Guide.

Please remember that each SWIFT feld should contain information about only one party in the transaction.

Codewords for field 72 (Sender to Receiver Information)

There are several diferent codewords for use in feld 72, which indicate instructions or additional information for other
parties in the payment. SWIFT guidelines discourage free-form narrative text in feld 72 as this will lead to repair at
receiving banks. Field 72 is to be used only to convey information to banks that participate in the completion of the
payment, such as the receiver of the payment instruction, an intermediary bank, an account with bank, and/or bank
benefciary. Information that pertains to a nonbank benefciary should be placed in feld 70 of an MT103. For a bank-to-
bank transfer, the appropriate receiving bank reference number should be quoted in feld 21.

All text in feld 72 must be preceded by a codeword. Codewords fall into two categories: those that provide information
for the parties in the transaction or those that request a specifc action of a designated bank party. All codewords must be
started and fnished with one slash (e.g.,/REC).
 Wells Fargo Global Payments Handbook

25

Codes preceding instructions include the following:

Code Characters Structure

/ACC/ Instructions following are for the account with institution All message types

/BNF/ Information following is for the benefciary MT202 and MT202Cov only

The instructing institution that instructed the sender MT103, MT202, and
/INS/
to execute the transaction. Can be used twice in feld 72. MT202Cov only

/INT/ Information following is for the intermediary All message types

/PHON/ Please advise account with institution by phone MT2nn only

/PHONBEN/ Please advise/contact benefciary/claimant by phone MT202/3 only

/REC/ Instructions following are for the receiver All message types

Please advise the account with institution by the most

/TELE/ MT2XX only
efcient means of telecommunication

Please advise the benefciary/claimant by the most

/TELEBEN/ MT202/3 only
efcient means of telecommunication

Please advise the intermediary by the most efcient

/TELEIBK/ MT2nn only
means of telecommunication

Wells Fargo can agree on other specifc, proprietary (non-standard) codewords with you for feld 72 to identify a specifc
service or processing requirement to allow STP. Unless previously agreed, the use of any codeword other than those
above (with the exception of /REC/ always is a repair), or any free-form text, will result in repair. Wells Fargo is considered
the “Receiving Bank” of your payment instruction; therefore, any information that pertains to an action to be executed by
Wells Fargo should be preceded by the codeword /REC/. Information intended for any other party in the payment should
not be preceded by /REC/.

Codewords can only be used when the SWIFT payment instructions contain the corresponding feld (e.g.,/ACC/ with
feld 57 Account with Institution).

Field MT103 Field included Codeword rules

:56A: Intermediary Institution YES Codeword /INT/ is allowed

NO Codeword /INT/ is NOT allowed

:57A: Account with Institution YES Codeword /ACC/ is allowed

NO Codeword /ACC/ is NOT allowed

:59: Benefciary Customer YES — Mandatory 59 F is the preferred option with account number, name, full street
address, city, and the ISO country code.
 Wells Fargo Global Payments Handbook

26

Field MT202/ MT202Cov Field included Codeword rules

:56A: Intermediary Institution YES Codeword /INT/ is allowed

NO Codeword /INT/ is NOT allowed

:57A: Account with Institution YES Codeword /ACC/ is allowed

NO Codeword /ACC/ is NOT allowed

:58A: Benefciary Institution YES — Mandatory Codeword /BNF/ is allowed

SWIFT and Fed routing number preference

Field MT103 Field included Codeword rules

:56A: Intermediary Institution YES SWIFT BIC when available

:57A: Account with Institution If 56 and 57 Either SWIFT BIC or FED Routing number
included

If only 57 Either SWIFT BIC or FED Routing number

MT103, MT200, MT202, and MT202COV payment formats

Customer transfers — MT103
When you send your payment instructions to Wells Fargo by SWIFT MT103, the following format and information
should be used:

Customer transfers
Man/
Field Description Options Comments
Opt
:20: Sender’s Reference M Maximum 16 characters
:23B: Bank Operation Code M Should always be CRED
Some codes previously in feld 72 now put here. Examples include
:23E: Instruction Code O
PHON, TELE, and CHQB
Transaction Type
:26T: O Only use this feld if bilaterally agreed
Code
Value Date/
Wells Fargo accepts future-value dated instructions up to 10
:32A: Currency/ Interbank M
business days (30 days for London)
Settled Amount
Currency/ Instructed
:33B: O Used if the currency code or amount is diferent from feld 32A
Amount
Specifes the exchange rate applied when converting the original
:36: Exchange Rate O
ordered amount to the transaction amount
Has to include full name and address, plus account number or
:50: Ordering Customer A, F, or K M
other unique identifer, e.g., IBAN. 50 F is the preferred option
:51A: O This feld should not be used with MT103
 Wells Fargo Global Payments Handbook

27

Man/
Field Description Options Comments
Opt
Financial institution of the ordering customer, if diferent than that
:52A: Ordering Institution O
of the sender
The account or branch of the sender or another fnancial institution
Sender’s
:53: A or B O that will reimburse Wells Fargo. Only use if agreed by Wells Fargo as
Correspondent
this may cause payments to be repaired
The branch or other fnancial institution where funds will be made
Receiver’s
:54A: O available to Wells Fargo. Use of this feld may cause payments to be
Correspondent
repaired
Third Reimbursement
:55A: O Rarely used and may cause payments to be repaired
Bank
Unnecessary on most transactions as Wells Fargo will locate the
Intermediary intermediary bank for you automatically; it is never necessary to
:56A: A or D O
Institution list Wells Fargo as the intermediary institution, as this will result in a
repair transaction
Account with In the U.S., the D option should be used with the city and state of
:57A: A or D O
Institution the bank quoted
Full benefciary’s account number/IBAN, name, and address.
A, F, or
Payments without a benefciary account number/IBAN may be
:59: Benefciary Customer No Letter M
returned by the benefciary bank for more information. 59 F is the
Option
preferred option
Information intended for the benefciary only, e.g., invoice
Remittance
:70: O numbers. The only codeword acceptable is /RFB/ and should be
Information
followed by a maximum 16-character reference on line 1
BEN or SHA will result in our charges being deducted. Where
:71A: Details of Charges M
charges are for your account, use OUR
The currency and amount of any transaction charges deducted by
:71F: Sender’s Charges O
the sender and by prior banks in the payment chain
We prefer that this feld is not used. Charges will automatically
:71G: Receiver’s Charges O default to your fee profle if charges are for “OUR,” and will be taken
on an analysis basis
Information for receiver, intermediary bank, or account with bank.
Sender to Receiver
:72: O Codewords, as defned previously, should precede any reference or
Information
narrative text

NOTE:
• Field 57: Non-USD payments — may require the use of option A with a valid BIC code in order to achieve STP.
• Field 72: Non-USD payments — inclusion of information other than previously mentioned special codewords may
result in non-STP.
 Wells Fargo Global Payments Handbook

28

Bank transfer for your own account — MT200

When you send your payment instructions to Wells Fargo by SWIFT MT200, the following format and information
should be used:

Field Description Options Man/Opt Comments

Transaction
:20: M Maximum 16 characters
Reference Number
Value Date,
Wells Fargo accepts future-value dated instructions up to 10
:32A: Currency Code, M
business days (30 days in London)
Amount
The account or branch of the sender or another fnancial institution
Sender’s
:53A: O that will reimburse Wells Fargo. Only use if agreed by Wells Fargo as
Correspondent
this may cause payments to be repaired
Unnecessary on most transactions as Wells Fargo will locate the
Intermediary intermediary bank for you automatically; it is never necessary to
:56A: A or D O
Institution list Wells Fargo as the intermediary institution, as this will result in a
repair transaction
Account with In the U.S., the D option should be used if the city and state of the
:57A: A or D M
Institution bank are quoted
Information for the receiver, intermediary, or account with bank.
Sender to Receiver
:72: O Codewords, as defned above, should precede any reference or
Information
narrative text

NOTE:
• Field 57: Non-USD payments — may require the use of option A with a valid BIC code in order to achieve STP.
• Field 72: Non-USD payments — inclusion of information other than previously mentioned special codewords may
result in non-STP.

Bank transfer to other bank benefciaries — MT202

When you send your payment instructions to Wells Fargo by SWIFT MT202, the following format and information
should be used:

Field Description Options Man/Opt Comments

Transaction
:20: M Maximum 16 characters
Reference Number
:21: Related Reference M Reference for the benefciary institution
Value Date,
Wells Fargo accepts future-value dated instructions up to 10
:32A: Currency Code, M
business days (30 days in London)
Amount
Ordering
:52A: A or D O Originating institution, if diferent than that of the sender
Institution
The account or branch of the sender or another fnancial institution
Sender’s
:53A: A or D O that will reimburse Wells Fargo. Only use if agreed by Wells Fargo as
Correspondent
this may cause payments to be repaired
 Wells Fargo Global Payments Handbook

29

Field Description Options Man/Opt Comments

The branch or other fnancial institution where funds will be made

Receiver’s
:54A: O available to Wells Fargo. Use of this feld may cause payments to be
Correspondent A or D
repaired
Unnecessary on most transactions as Wells Fargo will locate the
intermediary bank for you automatically; it is never necessary to
:56A: Intermediary A or D O
list Wells Fargo as the intermediary institution as this will result in a
repair transaction
Account with In the U.S., the D option should be used if the city and state of the
:57A: A or D O
Institution bank are quoted
Benefciary In the U.S., if the D option is used, the city and state of the bank
:58A: M
Institution A should be quoted
Information for the receiver, intermediary bank, account with bank,
Sender to Receiver
:72: O or benefciary bank. Codewords, as defned previously, should
Information
precede any reference or narrative text

NOTE:
• Field 57: Non-USD payments — may require the use of option A with a valid BIC code in order to achieve STP.
• Field 72: Non-USD payments — inclusion of information other than previously mentioned special codewords may
result in non-STP.

Cover payments — MT202 COV

When you send cover payment instructions to Wells Fargo via SWIFT, the MT202 COV message should be utilized, with
the following format and information:

Field Description Options Man/Opt Comments

Sequence A: General information

Trans Reference
:20: M Maximum 16 characters
Number
:21: Related Reference M Reference for the benefciary institution
Value Date,
Wells Fargo accepts future-value dated instructions up to 10
:32A: Currency Code, M
business days (30 days in London)
Amount
Ordering Financial Institution of the ordering customer, if diferent than
:52A: A or D O
Institution that of the sender
The account or branch of the sender or another fnancial
Sender’s
:53A: A or D O institution that will reimburse Wells Fargo. Only use if agreed
Correspondent
by Wells Fargo, as this may cause payments to be repaired
The branch or other fnancial institution where funds will be
Receiver’s
:54A: A or D O made available to Wells Fargo. Use of this feld may cause
Correspondent
payments to be repaired
Unnecessary on most transactions as Wells Fargo will locate
the intermediary bank for you automatically; it is never
:56A: Intermediary A or D O
necessary to list Wells Fargo as the intermediary institution as
this will result in a repair transaction
 Wells Fargo Global Payments Handbook

30

Field Description Options Man/Opt Comments

Account with In the U.S., the D option should be used if the city and state of
:57A: A or D O
Institution the bank are quoted
Benefciary In the U.S., if the D option is used, the city and state of the
:58A: A or D M
Institution bank should be quoted
Information for the receiver, intermediary bank, account with
Sender to Receiver
:72: O bank, or benefciary bank. Codewords, as defned above,
Information
should precede any reference or narrative text
End of Sequence A

Sequence B: Underlying customer credit transfer details

Has to include full name and address, plus account number/IBAN

:50A: Ordering Customer A, F, or K M
or other unique identifer

Financial institution of the ordering customer, if diferent than that

:52A: Ordering Institution O
of the sender

Unnecessary on most transactions as Wells Fargo will locate the

Intermediary intermediary bank for you automatically; it is never necessary to
:56A: A or D O
Institution list Wells Fargo as the intermediary institution as this will result in a
repair transaction

Account with In the U.S., the D option should be used with city and state of the
:57A: A or D O
Institution bank quoted

Full benefciary’s account number, name, and address. Payments

Benefciary A or no
:59: M without a benefciary account number IBAN may be returned by
Customer letter
the receiving bank for more information

Information intended for the benefciary only, e.g., invoice

Remittance
:70: O numbers. The only codeword acceptable is /RFB/ and should be
Information
followed by a maximum 16-character reference on line 1

Information for the receiver, intermediary bank, account with bank,

Sender to Receiver
:72: O or benefciary bank. Codewords, as defned above, should precede
Information
any reference or narrative text

Currency/ Instructed
:33B: O Used if the currency code or amount is diferent from feld 32A
Amount

NOTE:
• Field 57: Non-USD payments — may require the use of option A with a valid BIC code in order to achieve STP.
• Field 72: Non-USD payments — inclusion of information other than previously mentioned special codewords may
result in non-STP.
 Wells Fargo Global Payments Handbook

31

MT202 message for trade transaction, requiring charges to be deducted

NOTE:
You may instruct us to deduct charges from the payment amount of an MT202 payment made for trade-related purposes,
such as a payment to settle a letter of credit or collection, when charges under the L/C are for the benefciary. You must
indicate in feld 72 an agreed codeword (followed by no other information on the line, if possible).

Field Description Options Man/Opt Comments

:72 Sender to Receiver O Codeword instructs Wells Fargo to deduct its
Information payment charges. Several codes are available,
but these must be agreed upon in advance.
Alternatively, for USD you may specify your trade
payment reference patterns that appear in feld 20,
21, or 72. Wells Fargo’s payment system will scan
for these reference numbers only and deduct a fee

:58: M Should not contain Wells Fargo

The codeword must be the only information on line one and the second line if required must start with a codeword.
Since the information on line two is not intended for Wells Fargo the /REC/ should not be used. If this formatting is not
followed, the payment will stop in repair.
Example:
:72:/REC/BEN
/ACC/(SUZHOU CITY BRANCH)

MT203
These payment types are multiple messages for the MT200 and MT202, respectively. The main diference is that, within the
messages, there are repetitive fields; however, the formatting of each field should be the same as mentioned above.
 Wells Fargo Global Payments Handbook

32

USD formatting examples MT103, MT200, MT202, and

MT202COV payments
MT103 customer transfer — “OUR”
Ms. Julianna Vandersteen of Bruges, Belgium, instructs Rabobank to transfer USD 1,365.49 for the account of Mr. Roger
Benuto, Philadelphia, PA 19146, a customer of PNC Bank, Philadelphia, PA. The benefciary’s account number is
123456789 and the reference is 90/IOE. The value date of the payment is January 3, 2019. Ms. Vandersteen wants to pay
her own bank’s charges, but all other charges are for the account of the originator.

Field Description Contents

:20: Sender’s Reference TRN67543

:23B: Bank Operation Code CRED

Value Date/Currency/Interbank Settled

:32A: 190103USD13659,49
Amount

/NL63ABNA1234567890
Ms. Julianna Vandersteen
:50K: Ordering Customer
Grand Canal Street
Bruges, Belgium

//FW031000053
:57D: Account with Institution
PNC Bank Philadelphia, PA

/123456789
Mr. Roger Benuto 801 Broad
:59: Benefciary Customer
Street
Philadelphia, PA 19146

:70: Remittance Information 90/IOE

:71A: Details of Charges OUR

 Wells Fargo Global Payments Handbook

33

MT103 — Customer transfer — “BEN”

Ms. S. Chan of Singapore instructs DBS Bank, Singapore, to transfer USD 1,500.60 in favor of Mr. Patrick Evans,
Hong Kong, a customer of Hang Seng Bank. The benefciary’s account number is 8976543218 and the payment reference
is 90/IOE. The value date of the payment is January 3, 2019. The benefciary will pay all bank charges.

Field Description Contents

:20: Sender’s Reference TRN12345

:23B: Bank Operation Code CRED

Value Date/Currency/Interbank Settled

:32A: 190103USD15009,60
Amount

:33B: Currency/Instructed Amount USD1520,60

/63124987
:50K: Ordering Customer S. Chan
123 Rafes Square Singapore

:57A: Account with Institution HASEHKHH

/8976543218
:59: Benefciary Customer Mr. Patrick Evans
164 Kowloon Causeway, Hong Kong

:70: Remittance Information 90/IOE

:71A: Details of Charges BEN

:71F: Sender’s Charges USD20,00

NOTE: When the sender indicates “SHA” in feld 71A, Wells Fargo will follow the same routine as if the charges were for
the benefciary.
 Wells Fargo Global Payments Handbook

34

MT103 — Customer transfer — “SHA”

Ms. Julianna Vandersteen of Bruges, Belgium, instructs Rabobank to transfer USD 1,365.49 for the account of Mr. Roger
Benuto, Philadelphia, PA 19146, a customer of PNC Bank, Philadelphia, PA. The benefciary’s account number is
123456789 and the reference is 90/IOE. The value date of the payment is January 3, 2019. Ms. Vandersteen wants to pay
her own bank’s charges, but all other charges are for the account of the benefciary.

Field Description Contents

:20: Sender’s Reference TRN67543

:23B: Bank Operation Code CRED

Value Date/Currency/Interbank Settled

:32A: 190103USD13659,49
Amount

/NL63ABNA1234567890
Ms. Julianna Vandersteen
:50K: Ordering Customer
Grand Canal Street
Bruges, Belgium

//FW031000053
:57D: Account with Institution
PNC Bank Philadelphia, PA

/123456789
:59: Benefciary Customer Mr. Roger Benuto 801 Broad Street
Philadelphia, PA 19146

:70: Remittance Information 90/IOE

:71A: Details of Charges SHA

NOTE: When the sender indicates “SHA” in feld 71A, Wells Fargo will follow the same routine as if the charges were for
the benefciary.

MT200 bank transfer for own account

Rajiv Bank India sends an MT200 for USD 1,000.00 valued January 3, 2019, to pay its account at Bank of New York,
New York. Their reference number is 123CT.

Field Description Contents

:20: Transaction Reference Number 123CT

:32A: Value Date, Currency Code, Amount 190103USD10000009

:57A: Account with Institution IRVTUS3N

 Wells Fargo Global Payments Handbook

35

MT202 bank transfer in favor of a third bank trade transaction

The Import/Export Department of Bank of Taipei sends a funds transfer for USD 14,950.76, valued January 3, 2019, to
settle L/C xy224 to Gunma Bank, Tokyo, Japan. Gunma’s reference number is GB25678. Bank of Taipei indicates to
Gunma that it has already deducted charges of $15.00 from the payment.

Field Description Contents

:20: Transaction Reference Number LCxy224

:21: Related Reference GB25678

:32A: Value Date, Currency Code, Amount 190103USD149509,76

:58A: Benefciary Institution GUMAJPJTXXX

:72: Sender to Receiver Information /BNF/Our ChargesUSD15,

MT202 COV — bank transfer to cover underlying customer credit transfer

Ms. S. Chan of Singapore has instructed DBS Bank, Singapore, to transfer USD 1,500.60 in favor of Mr. Patrick
Evans, Hong Kong, a customer of Hang Seng Bank. DBS Bank has sent a SWIFT MT103 directly to Hang Seng
Bank, instructing it to credit Mr. Rayer’s account. To cover the customer credit transfer, DBS then sends the 202 COV,
illustrated below, to cover the payment. In this example, both DBS and Hang Seng have accounts on our books.

Field Description Contents

Sequence A: General information

:20: Transaction Reference Number TRN12345

:21: Related Reference TRN675431

:32A: Value Date, Currency Code, Amount 190103USD15009,60

:58A: Benefciary Institution HASEHKHH

Sequence B: Underlying customer credit transfer details

/63124987
:50A: Ordering Customer S. Chan
123 Rafes Place Singapore

:57A: Account with Institution HASEHKHH

/2638054567
:59: Benefciary Customer Mr. Patrick Evans
164 Kowloon Causeway, Hong Kong

:70: Remittance Information 90/IOE

1
Transaction reference from underlying customer credit transfer.
 Wells Fargo Global Payments Handbook

36

Foreign currency example

MT103 debiting USD account in foreign currency by debiting to USD account
A Japanese bank sends an MT103 denominated in Indian rupees to pay a benefciary in India. Field 54 is not included
on the payment order and feld 72 instructs Wells Fargo to debit the Japanese bank’s USD account. The Japanese bank
contacts Wells Fargo for a rate before initiating the payment. Importer Company of Tokyo, Japan, instructs the Japanese
bank to transfer INR 4,200.00 for the account of Export Company, Mumbai, India, a customer of Bank of India, Mumbai.
The benefciary’s reference is 90/IOE. The value date of the payment is January 3, 2019. The benefciary will pay all
bank charges.

Field Description Contents

:20: Sender’s Reference TRN12345

:32A: Value Date/Currency Code/Amount 190103INR42009

/12345678
Importer Company
:50: Ordering Customer
Fuji Mount Road
Tokyo, Japan

:57A: Account with Institution BKIDINBBXXX

/12345678
Export Company Taj
:59: Benefciary Customer Mahal Building,
2345 Empire Road
Mumbai, India

:70: Remittance Information 90/IOE

:71A: Details of Charges BEN

:71F: Sender’s Charges INR50

/REC/DEBIT OUR USD

:72: Sender to Receiver Information //ACCOUNT at XXX.XX RATE CONTRACT
//1234567

Wells Fargo will debit the Japanese bank’s USD account for the USD equivalent of INR 4,200.00 using XXX. XX rate.
Wells Fargo will then credit its nostro with its local correspondent in Mumbai and send it an MT103, instructing it to pay
Bank of India for credit to the Export Company.
 Wells Fargo Global Payments Handbook

37

Euro examples
Example 1 – MT103 customer transfers:
Ms. S. Chan of Singapore instructs DBS Bank, Singapore, to transfer EUR 1,500.00 in favor of Mr. Patrick Evans, Bruges,
Belgium, customer of Dexia Bank, in Brussels, Belgium. The benefciary’s IBAN is BE42 2638 0551 2345, and the
payment reference is 90/IOE. The value date of the payment is October 3, 2019. Benefciary will pay all bank charges.

Field Description Contents

:20: Sender’s Reference TRN12345

:23B: Bank Operation Code CRED

Value Date/Currency/Interbank Settled
:32A: 191003EUR1500,00
Amount
:33B: Currency/Instructed Amount EUR1520,
/37654992
S. Chan
:50: Ordering Customer
123 Rafes
Place Singapore
:57A: Account with Institution GKCCBEBBXXX
/BE42263805512345
:59: Benefciary Customer Mr. Patrick Evans
Bruges, Belgium
:70: Remittance Information 90/IOE

:71A: Details of Charges BEN

NOTE: Sender to Benefciary Bank information should be included in feld 70and not feld 72 which results in repairs as
Europe does not recognize this feld for MT103 transactions.

Example 2:
Pieter Van Frank asks Banco Frances to transfer EUR 25,000.00 to ABN Amro Bank, Amsterdam, for the account of
Maria Van Frank of Rotterdam, Holland, IBAN NL72 ABNA 0417 6428 26. Charges are quoted as OUR.

Field Description Contents

:20: Sender’s Reference TRN12345

:23B: Bank Operation Code CRED

Value Date/Currency/Interbank Settled
:32A: 191003EUR25000,00
Amount
/98860043
Pieter Van Frank
:50K: Ordering Customer
Belgrano Plaza
Buenos Aires, Argentina
:57A: Account with Institution ABNANL2A
/NL72ABNA0417642826
Maria Van Frank
:59: Benefciary Customer
River View
Rotterdam, Netherlands
:71A: Details of Charges OUR
 Wells Fargo Global Payments Handbook

38

Example 3:
National Commercial Bank, Saudi Arabia, sends an MT103 on behalf of its customer Abdul Najeer to pay EUR 5,500.00
to Lloyds TSB Bank, London, in favor of Ahmed Najeer, whose IBAN at Lloyds is GB29 LOYD 3094 8202 4581 27.
Charges outside Saudi Arabia are for the benefciary.

Field Description Contents

:20: Sender’s Reference 12345

:23B: Bank Operation Code CRED

Value Date/Currency/Interbank Settled
:32A: 191003EUR5500,00
Amount
/8764930219
Abdul Najeer
:50K: Ordering Customer Souliman Avenue
Riyadh, Saudi
Arabia
:57A: Account with Institution LOYDGB2L
/GB29LOYD30948202458127
Ahmed Najeer
:59: Benefciary Customer
Park Plaza
Bath, UK
:71A: Details of Charges SHA

NOTE: When the sender indicates “SHA” in feld 71A, Wells Fargo will follow the same routine as if the charges were for
the benefciary.

MT202 bank transfer covering a trade transaction with benefciary deduct

The Import/Export Department of Bank of Singapore sends a funds transfer for EUR 14,950.00, valued October 03, 2019,
to pay a remittance under L/C xy224 to Klaus Lampe in Berlin, Germany. Lampe’s reference number is GB12345. They
maintain an account with Berenberg Bank, Hamburg. BDP codeword has been used in feld 72.

Field Description Contents

:20: Transaction Reference Number LCxy224

:21: Related Reference GB12345

:32A: Value Date, Currency Code, Amount 191003EUR14950,00

:57A: Account with Institution ATXGHRTO

:58A: Benefciary Institution LAMPDEHH

:72: Sender to Receiver Information /REC/BEN/

The following codewords can also be used for bene deduction.

/CHG/BEN/
/RECBEN/
/DEDUCT/
/DEP/
/PR/
/CHARG/BEN/
 Wells Fargo Global Payments Handbook

39

MT203 multiple bank transfer

Banque Misr, Cairo, Egypt, sends a multiple payment instruction totaling EUR 2,500,000.00 to pay banks at various
fnancial institutions. We are instructed to pay EUR 500,000.00 for the account of Wells Fargo Bank, Philadelphia’s
account at BNP Paribas, Paris, France; EUR 1,900,000.00 for the account of Citibank, New York at Citibank London; and
EUR 100,000.00 for the account of Bayerische Landesbank, Munich, Germany.

Field Description Contents

:19: Sum of Amounts 2500000,00

:30: Value Date 191003

:20: Transaction Reference Number 2345

:21: Related Reference NL1234

:32B: Currency Code, Amount EUR500000,00

:57A: Account with Institution BNPAFRPP

:58A: Benefciary Institution PNBPUS33

:20: Transaction Reference Number 1234

:21: Related Reference NL1257

:32B: Currency Code, Amount EUR1900000,00

:57A: Account with Institution CITIGB2L

:58A: Benefciary Institution CITIUS33

:20: Transaction Reference Number 347

:21: Related Reference NL4567

:32B: Currency Code, Amount EUR100000,00

:58A: Benefciary Institution BYLADEMM

Fields 20 through 58 may be repeated up to 10 times depending on the number of transactions in the message.
wellsfargo.com/international

For more information:

Wells Fargo places your needs at the center of all endeavors. Your relationship manager or global payments specialist will:
• Take the time to fully understand your business.
• Deliver tailored solutions and exceptional service through a dedicated staf of product and industry experts.
• Help you succeed fnancially in all of the markets where you do business.
They will be pleased to provide more information on global payments or other correspondent services.
Please visit our website at wellsfargo.com/international for more information on our global capabilities.

Wells Fargo & Company provides fnancial services in Asia, Canada, and Latin America through its duly authorized and regulated subsidiaries. In Europe, banking
services are provided through Wells Fargo Bank International (WFBI), directly regulated by the Central Bank of Ireland, and Wells Fargo Bank, N.A. London Branch,
authorized by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. All products and services may not be
available in all countries. Each situation needs to be evaluated individually and is subject to local regulatory requirements.
Member FDIC. Deposits held in non-U.S. branches are not FDIC insured.

© 2020 Wells Fargo Bank, N.A. All rights reserved.

IHA-6681813 (02/20)