Original publication date: August 25, 2020
Question:
What is the beneficiaryId code?
Answer:
The benficiaryId code is the identification number of the beneficiary at the receiving financial institution. It will usually be D which assigns the transfer to the account number. There are times when it may not be D because we don't have a way of verifying that information.
Your customer needs to be certain that the information they are providing is accurate because there is no guarantee of recovering funds that went into an incorrect account.
The ID codes are:
| B | SWIFT Bank ID Code (BIC) |
| C | CHIPS participant |
| D | Demand Deposit Account (DDA) |
| F | Fed routing number |
| T | SWIFT BIC or Bank Entity ID (BEI) and account number |
| U | CHIPS ID |