CBESIT21

Payment Instructions

General instructions for international payments to banks in ITALY:

Information provided by the Beneficiary: Remitter should obtain all required bank information from the Beneficiary (e.g. SWIFT BIC, IBAN, and beneficiary bank address). Central Bank: For additional information, please refer to www.bancaditalia.it.

Account Restrictions: Residents and non-residents are permitted to open and maintain domestic and foreign currency accounts both locally and abroad.

SEPA: Strict formatting standards and SEPA guidelines exist in Europe regarding cross-border payments. IBAN and SWIFT BIC are required for all euro payments. SEPA standards apply for euro payments to beneficiaries with accounts in Italy.

Payment Formatting Rules for EUR

• Ordering Customer (SWIFT MT103 F50): Include account number, full name (no initials), and address of the ordering customer. Use of initials can delay receipt of funds by the beneficiary.
• Beneficiary Customer (SWIFT MT103 F59): Include account number (IBAN), full name (no initials) and address of the beneficiary customer. Use of initials may delay receipt of funds by the beneficiary. IBAN numbers for beneficiaries with accounts in Italy must be included in the payment instructions.
• Beneficiary Bank (SWIFT MT103 F57): Include SWIFT BIC with branch identifier (where required), full name, and address of the beneficiary bank. SWIFT BIC is key to routing payments to the beneficiary bank.

There are no specific bank clearing codes in the country for cross-border payments. SWIFT BIC is 8 or 11 alphanumeric characters: xxxxITxx or xxxxITxxxxx.

To send payments to Italy, please ensure that you have the following information:

• Debtor Section: Information about the account holder sending the money.
• Debtor Account Section: The account details of the sender.
• Debtor Agent Section: The SWIFT/BIC code for the sender's bank.
• Creditor Transfer Transaction Information: Details about the transaction for the recipient.
• Creditor Agent Section: The SWIFT/BIC code for the recipient's bank.
• Creditor Account Section: The account details of the recipient.
• Address Information: The full address of the recipient.

Ensure all provided data is up to date.

IBAN: In Italy, the IBAN consists of 27 characters. The structure is IT2!n1!a5!n5!n12!c, starting with the country code ('IT'), followed by a check digit comprising two characters, then one character for the national check digit, five characters for the bank code, five characters for the branch code, and 12 characters for the account number. Electronic Format Example: IT98A1234567891234567891234. Print Format Example: IT98 A123 4567 8912 3456 7891 234.

Correspondent Banks

Standard Settlement Instructions (SSI) contain the list of correspondent banks of CORDUSIO RMBS SECURITISATION S.R.L. for each currency.

Payment Tracking

To track a SWIFT cross-border payment to or from CORDUSIO RMBS SECURITISATION S.R.L., you need a UETR code, reference number, amount, payment date, and currency. This information is typically found in an MT103 form.

Disclaimers

We are doing our best to demystify cross-border payments, however TrackMySwift is not responsible for any delays or losses related to usage of the information and services from our web site. Please contact your banks to receive a safe advise. Country-specific payment instructions have been prepared based on Global Wires Payments Formatting Requirements Guide from J.P.Morgan.