Israel: Reminder - Usage of SWIFT BIC and IBAN in MT202 instructions - update II

26.06.2019

Note: This announcement, originally published on 15 January 2019 and updated on 1 April 2019, has been further updated to change the effective date of the mandatory use of the IBAN to 1 January 2020.

Clearstream Banking1 reminds customers who send SWIFT MT202 cash payment instructions in Israeli Shekels (ILS) that, to facilitate the processing of cash payment instructions and to avoid possible additional charges, the following conditions apply to the use of field :58a: Beneficiary Institution in your instruction:

  • Format option A is to be used - :58A:;
  • You are required to specify the beneficiary’s SWIFT BIC; and
  • You are required to specify the beneficiary’s account in International Bank Account Number (IBAN) format (23 characters in all: “IL” in the first two positions, followed by 21 numbers).

Note: The use of account numbers in other than the IBAN format is not valid in field :58A: Effective 1 January 2020, it will be mandatory to use IBAN for all payments in favour of beneficiaries in Israel.

Cash Correspondent Bank details

We would also take this opportunity to remind you of the details for our Cash Correspondent Bank (CCB) in Israel, including the IBAN account identifier, as follows:

Currency:

Israeli Shekel (ILS)

CCB name:

Citibank N.A., Tel Aviv Branch

CBL account:

IL06 0220 0100 0062 0173 002

SWIFT address:

CITIILIT

For payments to final beneficiaries that are non-financial institutions (MT103), through the Bank of Israel’s RTGS payment system, the use of the IBAN remains mandatory.

Further information

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

_________________________________________

1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG (for Clearstream Banking AG customers using Creation Accounts), registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.