SWIFT Service Codes

When you validate a SWIFT BIC, you may see in the response a service code relating to that SWIFT code. These service codes represent different facets of the SWIFT network’s capabilities, each tailored to specific types of financial messaging and reporting needs. They ensure that financial institutions can communicate securely and efficiently across a variety of financial operations. Below are a few of the most commonly seen service codes and what they mean.

FIN (Financial Institution Network)

FIN is the core messaging service of SWIFT. It allows financial institutions to exchange standardised financial messages in a secure and reliable manner. It is primarily used for transmitting various types of financial transactions such as payments, securities, treasury, and trade services. FIN messages include MT (Message Type) messages, which are categorized into different types such as MT103 for single customer credit transfers, MT202 for financial institution transfers, etc.

ERP (Electronic Reporting Package)

ERP is a service designed for regulatory reporting and other electronic reporting requirements. It helps financial institutions meet regulatory and compliance obligations by facilitating the exchange of regulatory reports and data. The messages and reports exchanged under ERP are typically structured to meet the specific requirements of regulators and supervisory authorities.

EBA (Euro Banking Association)

The EBA service within the SWIFT network relates to the infrastructure provided by the Euro Banking Association for the clearing and settlement of payments in euros. It supports the Single Euro Payments Area (SEPA) initiatives and facilitates euro-denominated payment processing across Europe. EBA-related SWIFT messages are often used for large-value payments and SEPA credit transfers and direct debits.

TG+ (Target2 Global)

TG+ is associated with TARGET2, which is the real-time gross settlement (RTGS) system for the euro, operated by the Eurosystem. It provides settlement services for euro payments, ensuring immediate and final settlement of transactions between participating banks. Messages in TG+ typically include those related to high-value payments, central bank operations, and monetary policy implementation.