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SWIFTPay Payment Solution

The Zenith Bank SWIFTPay solution offers our corporate customers a platform to initiate payment instructions from their ERP. The payment instruction is transmitted to Zenith Bank via the SWIFT network.

What is SWIFT?

SWIFT stands for the Society for Worldwide Interbank Financial Telecommunications. It is a messaging network that financial institutions use to securely transmit information and instructions through a standardized system of codes either between themselves or between them and their corporate customers who are registered on SWIFT.

ZENITH BANK GHANA OFFSHORE TRANSFER DETAILS

USD (1)
INTERMEDIARY BANK DETAILS

CITIBANK NEW YORK 111 WALL STREET
NEW YORK
NEW YORK, 10043
SWIFT CODE CITIUS33
ABA / FEDWIRE 021000089

 

BENEFICIARY'S BANK DETAILS

ZENITH BANK GH A/C NUMBER

 36250618

SWIFTCODE ZEBLGHAC
AMOUNT

 

ORDERING PARTY

 

BENEFICIARY'S NAME

 

BENEFICIARY ACCOUNT NO

 

PURPOSE

 

 

USD (2)
INTERMEDIARY BANK DETAILS

JP MORGAN CHASE  
SWIFT CODE CHASUS33
A/C (IBAN) 464650998

 

BENEFICIARY'S BANK DETAILS

ZENITH BANK GH A/C NUMBER 464650998
SWIFTCODE ZEBLGHAC
AMOUNT

 

ORDERING PARTY

 

BENEFICIARY'S NAME

 

BENEFICIARY ACCOUNT NO

 

PURPOSE

 

 

USD (3)
INTERMEDIARY BANK DETAILS

CITIBANK N.A. LONDON 33 CANADA SQUARE
CANARY WHARF
LONDON
E14 5LB
SWIFT CODE CITIGB2L
IBAN NO GB28CITI18500811238809

 

BENEFICIARY'S BANK DETAILS

ZENITH BANK GH A/C NUMBER 11238809
SWIFTCODE ZEBLGHAC
AMOUNT

 

ORDERING PARTY

 

BENEFICIARY'S NAME

 

BENEFICIARY ACCOUNT NO

 

PURPOSE

 

 

EUR
INTERMEDIARY BANK DETAILS

CITIBANK N.A. LONDON  33 CANADA SQUARE CANARY WHARF LONDON
 E14 5LB
SWIFT CODE CITIGB2L
IBAN NO GB40CITI18500811238787

 

BENEFICIARY'S BANK DETAILS

ZENITH BANK GH A/C NUMBER 11238787
SWIFTCODE ZEBLGHAC
AMOUNT

 

ORDERING PARTY

 

BENEFICIARY'S NAME

 

BENEFICIARY ACCOUNT NO

 

PURPOSE:

 

 

GBP    
INTERMEDIARY BANK DETAILS

CITIBANK N.A. LONDON  33 CANADA SQUARE
CANARY WHARF
LONDON
E14 5LB
SWIFT CODE CITIGB2L
IBAN NO: GB18CITI18500811238795

 

BENEFICIARY'S BANK DETAILS

ZENITH BANK GH A/C NUMBER 11238795
SWIFTCODE ZEBLGHAC
AMOUNT

 

ORDERING PARTY

 

BENEFICIARY'S NAME

 

BENEFICIARY ACCOUNT NO

 

PURPOSE

 

BENEFITS OF SWIFT FOR CORPORATES/SCORE

SCORE (Standardized Corporate Environment) enables corporates to use SWIFT's single, secure, and reliable messaging platform to access the SWIFT services that their financial institutions supports (e.g. FIN service, FileAct etc.).

SCORE is based on a Closed User Group that caters for financial messaging between corporates and financial institutions. Once registered to use Standardized Corporate Environment, a financial institution can interact with any corporate that is also registered in the Closed User Group.

Conversely, a corporate registered in the Closed User Group can interact with any financial institution that is a member of Standardized Corporate Environment. 

Some key benefits include:

  1. Reduced costs and risks with SWIFT global standard messages for straight through processing.
  2. Standardized communications such that banks and corporates won’t have to invest in/maintain multiple platforms and secured connections to various institutions.
  3. Improve responsiveness.
  4. Reduced processing errors.

ABOUT ZENITH BANK GHANA SWIFTPAY PAYMENT SOLUTION

The Zenith Bank Ghana SWIFTPay solution offers corporate customers a platform to initiate payment instructions from their ERP. The payment instruction is transmitted to Zenith Bank via the SWIFT network. SWIFT guarantees the security of the messages within its network and ensures it’s delivered safely to Zenith Bank for payments execution. 

ZENITH BANK GHANA SWIFTNET PAYMENT SERVICE OPTION

The following is the SWIFTNet Service that is supported by Zenith Bank for corporates who want to make payments to beneficiaries via the SWIFT network.

FIN Service

FIN enables financial institutions to exchange individual structured (MT and ISO 15022 message formats) financial messages securely and reliably. Zenith Bank SWIFTPay solution currently supports the MT101 message format. MT101 is a SWIFT message format used for making payments via the SWIFT FIN service. MT101 SWIFT payments are also known as international wire transfers or telegraphic transfer instruction. The FIN service is particularly suitable for corporate customers who will be making single payments to beneficiaries usually in small file sizes.

REQUIREMENTS / FEATURES OF THE SWIFT FIN SERVICE OPTION FOR PAYMENTS

The following are the requirements and features of the SWIFT FIN service option for payments:

  1. Corporate customer is expected to be registered on SWIFT with a unique SWIFT ID as well as be a member of SCORE (Standardized Corporate Environment). Alternatively, a corporate that is not registered on SCORE may choose to ride on the SWIFT BIC of a financial institution which the corporate would have nominated to act as forwarding party for its payment instructions.

BIC stands for Bank Identifier Code. A BIC is sometimes called a SWIFT code, SWIFT BIC or SWIFT ID (all of these mean the same thing). A SWIFT BIC consists of 8-11 characters used to identify a specific bank in an international transaction, to ensure the money is going to the right place.

  1. The Corporate customer and Zenith bank will sign a SWIFT MT101 BILATERAL AGREEMENT which is a physical document. SWIFT has registered and published the accession of Signatories to the Service Level Master Agreement (“SLMA”) for any two parties who are at the verge of using this service.
  2. The Corporate customer and Zenith bank will execute an RMA key exchange. SWIFT's RMA plays an important part in supporting communication between different financial institutions or parties. The RMA is a SWIFT-mandated filter that enables financial institutions to define which counterparties can send them FIN messages such as MT101 messages.
  3. Having met the pre-requisites above, the corporate customer can generate MT101 messages from its ERP and transmit same to Zenith bank via the SWIFT network. The MT101 messages are validated by SWIFT before it is delivered to Zenith bank, and payments are then made to the beneficiaries.
  4. Having executed the payment instructions received, Zenith bank will deliver the customer’s statement of account(s) to the corporate customer’s ERP via the SWIFT FIN service in SWIFT MT940 statement format. Most ERP’s will use this MT940 to achieve auto-reconciliation of all payments made on this platform.

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