Zenith Bank Swift Code 2024 for All Branches See Latest Update

Filed in Articles by on July 19, 2022

– Zenith Bank Swift Code –

Zenith Bank Swift Code – The Zenith Bank SWIFT code 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.

What is a SWIFT Code?

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 has been a member of the SWIFT network since June 1998.

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 support (e.g. FIN service, FileAct service, etc.).

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

Conversely, a corporation 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

Zenith Bank Swift Code

InstitutionSWIFT CodeBranch NameCityCountry

FIN Service

FIN enables financial institutions to exchange individually structured (MT and ISO 15022 message formats) financial messages securely and reliably. Zenith Bank SWIFT Pay 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 transfers. The FIN service is particularly suitable for corporate customers who will make single payments to beneficiaries usually in small file sizes.

Requirements / Features

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 a forwarding party for its payment instructions.

2. 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 on the verge of using this service.

3. The Corporate customer and Zenith bank will execute an RMA key exchange. SWIFT’s RMAplays 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.

4. Having met the pre-requisites for, the corporate customer can generate MT101 messages from its ERP and transmit the 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.

5. 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 the 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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CSN Team.

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