Swift Receive FAQs
Convera’s incoming payments solution via Swift was built to seamlessly connect FIs with the Swift network to receive payments with speed, transparency and security. A Swift Receive payment refers to the process of receiving an international wire transfer through the Swift network.
Convera is proud to offer this solution by expanding the number of currencies we can receive including USD, GBP, ILS, JPY, NOK, SEK, DKK, HKD, AED, AUD, CAD, KWD, NZD and ZAR and more coming soon. This will bring the total number of currencies to fourteen, reducing the need for costly conversions and enhancing liquidity management.
Swift (Society for Worldwide Interbank Financial Telecommunications) is a global member-owned cooperative organization and the world’s leading provider of secure financial messaging services. Swift facilitates the exchange of financial information between banks and financial institutions worldwide.
With Convera’s Swift Receive, your institution can offer customers the ability to receive cross-border funds — aligning with global standard practices. Convera clients can now receive international payments in an ISO20022 compliant way in a broad range of currencies, reducing the need for costly conversions and enhancing liquidity management.
Read more FAQs about ISO20022 >
Fourteen currencies including USD, GBP, ILS, JPY, NOK, SEK, DKK, HKD, AED, AUD, CAD, KWD, NZD and ZAR and more coming soon.
Yes, we are constantly looking to add more capabilities and currencies based on our customers’ needs.
Convera’s Swift Receive solution offers an efficient, reliable, and secure solution for managing incoming international wire transfers via Swift. Just share your institution’s Business Identifier Code (BIC), the beneficiary’s account number or local ID, full name and address with the sender.
Convera acts as the correspondent, receiving and routing payments through the Swift network and crediting your account—once funds are available in your holding balance, PACS.008 (standard ISO 20022) messages are sent to the beneficiary ’s account.
Yes, payments can be tracked from initiation to completion, via Swift GPI (global payments innovation) service, which provides real-time status tracking from initiation to confirmation using a unique Unique End-to-End Transaction Reference (UETR). You can access this through our collaboration center.
When we receive funds via our intermediary bank, payments are placed into your Convera holding balance. We then send the information to credit the ultimate beneficiary.
A Business Identifier Code (BIC), is an international standard for routing business transactions and identifying business parties.
It helps route financial transactions between banks, especially international payments.
It ensures that money transfers are sent to the correct institution.
It’s used in Swift messages, which are standardized formats for secure financial communication.
However, it’s important to note that a Non-Connected BIC cannot be used to send or receive Swift messages directly.
You can order a BIC through Swift.
Connecting a (BIC) to the Swift network can be costly and can vary depending on the institution’s size, location, and the services it requires. Access to the Swift network requires a connected BIC, but Convera can help!
The Non-Connected BIC is almost the same flow as our Swift Receive Solution… just with SFTP! When we receive funds via our IBK (JPM), Payments are placed into the client’s holding balance and we send the information to our customer to credit the ultimate beneficiary. This is a way for our Non-Connected Clients to receive funds via Swift and have the messages forwarded onto them in a streamlined approach.
No, as long as you have a BIC, you can take advantage of this offering. Contact your Convera representative or account manager for more information.
Once the customer is onboarded or if you are an existing Convera client, the pre-sales & Implementation teams can assist in implementing this solution. Please contact your account manager for more information.
Please refer to our ISO20022 FAQ for more information.
Use Convera’s SWIFT/BIC lookup tool to get your transfer started and find the correct code. Or, if you already have the code, you can use our verification tool to make sure it’s correct.