SwiftRef 2.0 Migration

SwiftTRef 2.0 Migration Overview

In line with SWIFT's guidance, SwiftRef will undergo a transformation to align with ISO 20022 standards. The migration to the new SwiftRef directory (Identifiers directory) is suggested to be done by the end of 2025.

The SwiftRef Portfolio evolution is introducing the new Identifiers Directory that is replacing the legacy Bank Directory Plus (Source of data for SwiftRef 1.0). As Bank Directory Plus is being phased out, no updates will be made to this module. Source: SWIFT.

Benefits of SwiftRef 2.0

The updated SwiftRef portfolio introduces enhanced capabilities, including:

  • Access to richer and more structured data (e.g., postal addresses, IBANs, and clearing system member IDs)

  • Improved consistency across the SwiftRef portfolio

  • Simplified cross-usage of reference data files

Changes in IPC Wire Services

To ensure readiness ahead of the deadline, IPC Wire Services will transition its SwiftRef enrichment process from the legacy Bank Directory Plus to SWIFT's new Identifiers Directory. The upcoming changes are outlined below:

SwiftRef enrichment Before Migration After Migration
Reference based on Bank Directory Plus offered by SWIFT Identifiers Directory offered by SWIFT
Name of BIC No change No change
Address of BIC Country Code, Country Name, Sub Country, Postal Code, Street Number, Street Name, Town Name, Address line 1,2,3.

Address line 1,2,3

Department, Sub department, Street name, Building number, Building name, Floor, Room, Town name, Town location name, District name, Post box, Post code, Country subdivision name, Country Code, Country Name

(structured address fields based on availability for each bank provided in Identifiers Directory)

IPC Wire would attempt to fill in structured address that is provided by BIC if Town Name and Country Code is present, else system will put unstructured address / hybrid address by Nov 2025.
Clearing System Member ID

Clearing System Member Code: ZZZZZ or CACPA for Canada BIC.

Clearing System Member ID: National ID provided corresponding to the BIC.

If a BIC did not provide National ID, no enrichment on Clearing System Member ID.

Clearing System Member Code: Code list provided by Identifiers.

Clearing System Member ID: National ID provided corresponding to the BIC.

If a BIC did not provide Clearing System Member code/ ID, no enrichment on Clearing System Member ID.

However, if the settlement method is LYNX and Clearing System Member ID is available, system will put “CACPA” in clearing system member code.
IBAN enrichment to BIC When IBAN exist, IPC Wire would based on the directory to fetch corresponding BIC, Name and Address No change
Agent finder under manual entry

Based on unstructured address fields

Based on structured address fields

Impact on IPC Wire Services

For payment flows that have SwiftRef enrichment enabled, BIC Name and Address, Clearing System Member ID, and Code will now be enriched using data from the new Identifiers Directory. As a result of differences between the legacy and new directories, users may notice minor variations in the enrichment details.

Required Actions

The updated SwiftRef enrichment using the Identifiers Directory will be available in UAT starting the week of June 16, and is scheduled for production release on July 26. We recommend completing your testing within this one-month window.