Settlements on all SWIFT invoices are executed only in EUR

For all financial institutions it is mandatory to apply Direct Debit for settling SWIFT invoices (see SWIFT User Handbook, section "Pricing and Invoicing"). Financial institution may reject this method ONLY if it is prohibited by law (upon provision of supporting documents). In this case the organization shall pay the administrative costs in the amount of EUR 1000 to SWIFT.

There are two options for the usage of direct debit method:


1. Euro bank account in one of 7 European countries

If your financial institution already has a direct correspondent account in EUR with one of the banks in Austria, Belgium, Italy, Spain, Luxembourg, France, Germany, you can use it for settlements with SWIFT as well (please check with your correspondent bank if for that purpose a separate account is needed). SWIFT recognizes the usage of correspondent accounts with major, as well as with small and medium European banks. Please note, that you may not use your USD correspondent relationships. If your bank does not have a EUR account in the one of abovementioned countries, the bank will have to open it in order to execute settlements with SWIFT by applying direct debit method.


You should fill in the special form (separate form for each country is available at (Section Ordering - New customers - Become a SWIFT User - Direct Debit) or can be requested at “Alliance Factors") and send it to Credit and Collection Department in Belgium. This Contract entitles the correspondent bank to debit your account upon SWIFT request without prior acceptance. We recommend to liaise first with the correspondent bank and to reconfirm that it offers this kind of settlements. The Contract is signed by your bank and by your correspondent bank, which is mandatory. Upon reconciliation of all issues between correspondent bank and  SWIFT, the direct debit method will be applied.


  • 7 days prior to debit you will receive МТ999 message (or fax – for new banks) with the number of invoice, issue date, amount to be debited and expected settlement date. Along with that the invoice will be sent to your email. In order to receive all required information on the SWIFT invoices, please subscribe to a free Billing Online Information service at This will allow you to timely monitor the invoices drawn by SWIFT to your bank.
  • By the time of debiting you should credit your account with the correspondent amount.  In case of insufficiency of funds on account, SWIFT will contact you to find out the reasons for the rejection of debit.


2. International Drawdown Service

If your financial institution does not have an account in EUR with one of the banks in Austria, Belgium, Italy, Spain, Luxembourg, France, Germany, you can join the International Drawdown Service program. International Drawdown (IDD) proposes an alternative to the customers who face difficulties in setting direct debit mechanism with European and American Automated Clearing House Associations.


IDD uses current international infrastructure of interbank correspondent relationships for automated withdrawal from customer’s account.

The principle difference of IDD is that the customer does not need to open an account in EUR with one of the banks in 8 European countries. The customer should have an account in EUR within IDD system.

JPMorgan Chase having relationships with over 500 banks in 70 countries is SWIFT’s provider in this system. SWIFT will inform your financial institution whether your selected bank is a part of IDD system. Herearethemainadvantagesofthissystem:


1. Functionality. IDD provides a simple method of settlements, that mitigates the risk of untimely payments and SWIFT termination. IDD uses the existing resilient international payment systems.

2. Efficiency. IDD provides  debit notifications. Generated by SWIFT for automated update of invoices. This process is transparent and can be easily reviewed, which reduces support expenses. In addition, IDD proposes a quick and easy method of repayment.


In order to join IDD your financial institution should:

  • Contact Elena Borisova ( via email and to provide the information including bank name, account details, as well as SWIFT BIC. SWIFT will inform your financial institution if your selected bank is a part of IDD system.
  • If the answer is positive, please download and fill in the form from SWIFT website -
  • Sign the form and to send it to the bank approved by SWIFT. Your correspondent bank will prepare additional documentation package and will send it to you together with the filled-in form. Upon receiving the form (please check that section 3 is filled in) send it to:

    SWIFT scrl Credit and Collection Department Avenue Adèle, 1 1310 La Hulpe Belgium
    or via fax: +32 2 655 3743
  • SWIFT will send you the confirmation upon the receipt of the form


2.1. If the account with your correspondent bank cannot be used (your selected bank has not joined IDD), you can send a request to SWIFT concerning other banks with which your financial institution can open the account in EUR and which have joined International Drawdown Service.


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