Cross-border payments

For Denmark, Norway and Sweden financial payments will be rejected after cut-off, latest at the end of the day. Ordinary payments may be rolled for three days (executing day + 2 days). This does not apply for Finland where all payments with insufficient cover will be rejected until the next banking day. It is at the Customer Responsible Unit's full discretion to reject a payment earlier than the above stated.

The following will apply if your payment is received on a banking/national holiday or after cut-off time.

Denmark: If we receive a MT101, where the cut-off time has been exceeded or on a banking/national holiday, the payment instruction will be rejected and a new one will have to be made. If a MT101 is received with an execution day in the future, the payment instruction will be stored until execution day and then processed.

Finland: If we receive a MT101 on a banking/national holiday, the payment instruction will be executed on the following banking day with that day’s value.

Norway: If we receive a MT101 on a banking/national holiday, the payment instruction will be executed on the following banking day with that day’s value.

Sweden: If we receive a MT101 on a banking/national holiday, the payment instruction will be executed on the following banking day with that day’s value. Please note that MT101s with instruction codes CORT (financial payment) or RTGS (urgent payment) will be rejected.

For payment instructions that do not meet the Payment requirements for straight-through processing an additional fee will be charged.

The charges are as follows:

Rejection handling is automated for the overall majority of transactions. Rejection procedure is being adhered to.

Instruction code  (Field 23E)  
The instruction code must be included when required. You will find the different instruction code in RfT payment types. If we receive a MT101 with no code in field 23E we will make either standard domestic or standard cross border payments. Other conditions must be correct. Only option 57A is allowed.

Debit account  (Field 50H)   
Debit account should be in Danish bank account format (minimum 14 digits) or IBAN - International Bank Account Number (18 digits).  
For example BBAN format: 21410141123456.
The same in IBAN format: DK8320000141123456.

Account with Institution (Field 57A)      
Use the BIC code/SWIFT address to indicate the beneficiary’s bank. BIC code /SWIFT address is preferred for most domestic payments. For Instructions with codeword URGP, CORT, and INTC - BIC Address is required. In case we send a MT103 to the receiving bank BIC address is required. For cross-border payments correct BIC code / SWIFT address must be present.

Beneficiary's account (Field 59)     
Beneficiary’s account number, name, and address. Account numbers in all Danish banks are minimum 14 digits or IBAN (18 digits). IBAN (International Bank Account Number) is mandatory on cross border Payments within EU, EEA countries and Switzerland.

Remittance information (Field 70)  
Details of the individual transaction to be transmitted to the beneficiary. If a FIK/Giro payment is ordered, Information in Field 70 has to be: /FIK/01 + giro number or /FIK/ 04, 71, 73, 75 + OCR line and creditor number.

Details of charges (Field 71A)    
SHA is preferred. If the payment is to a PSD country. SHA is the only option accepted for domestic payments. 

Regulatory Reporting (Field 77B)     
Specifies codes for statutory and/or regulatory information required by the Central Bank. Nordea DK does not react upon codes from a MT101.

Instruction code (Field 23 E)
The instruction code must be included when required. You will find the different instruction code in RfT payment types

Debit account (Field 50H)
Debit account should be an IBAN - International Bank Account Number (18 digits).IBAN format: FI2112345600000785.

Account With Institution (Field 57A)
This field is used to indicate the beneficiary bank. Use the BIC code option 57A or national clearing code to indicate the beneficiary's bank. This ensures straight through processing and optimal routing of the payment. BIC code is recommended but not mandatory for payments to another financial institution within the Single Euro Payments Area (SEPA), including Finland. If the BIC of the beneficiary's bank is not given, Nordea will derive it from a valid IBAN. 

Beneficiary's account (Field 59)
IBAN (International Bank Account Number) is mandatory for all EUR payments to EU and EEA countries in addition to Switzerland. For example: FI2112345600000785 - IBAN format.

Reference payments (Field 70)
Valid domestic reference number should be given in the first line of the Remittance Information (Field 70) pre-ceded with code either /RFB/ or /REF/. Only the reference number will be forwarded to beneficiary. For example: /RFB/12 34561.

Details of charges (71A)
SHA is preferred, but we accept OUR with certain exceptions. For SEPA payments SHA is mandatory. 

Instruction code (Field 23E)    
The instruction code must be included when required. You will find the different instruction code in RfT payment types. 

Debit account (Field 50H)   
Debit account should be in the Norwegian bank account format (11 digits BBAN) or International Bank Account Number IBAN (15 digits). For example BBAN format: 60055678910. The same in IBAN format: NO9960055678910

Account with Institution (Field 57A)   
Use the BIC code/SWIFT address to indicate the beneficiary's bank. From 1 January 2007 use of BIC code/SWIFT address is mandatory for all EUR payments within EU, to EEA countries and to Switzerland.

Domestic payments: SWIFT address allowed for transactions via the domestic clearing. If SWIFT address and instruction code "URGP" are filled in, domestic transactions will be sent via SWIFT to the beneficiary’s bank if other than NDEANOKK. Name and address of beneficiary's bank are also allowed, but not mandatory if beneficiary's account number is given in Field 59.

Beneficiary's account (Field 59)  
Beneficiary's account number, name and address. International Bank Account Number (IBAN) is mandatory for all EUR payments within EU, to EEA countries and to Switzerland.

Remittance information (Field 70) 
Details of the individual transaction to be transmitted to the beneficiary. If details specify a Norwegian Customer Identification Code (KID), the field must state: /KID/xxxxxxxxxxxx.

If KID is correct, it will follow the transaction through the domestic clearing. If not, the KID will be deleted before the transaction is sent through the domestic clearing system. Please observe that some domestic payments require a Customer Identification Code. Mandatory for tax payments.
 

Instruction code (Field 23E)
The instruction code must be included when required. You will find the different instruction code in RfT payment types.

Debit account (Field 50H)
IBAN or BBAN and currency code is accepted when the debit account is in Nordea Bank Sweden. We prefer IBAN format.

Beneficiary's Bank
Use the BIC code and when requested the national clearing code to indicate the beneficiary's bank. This ensures straight through processing and optimal routing of the payment. For example: 57A: NDEASESSXXX, MIDLGB22 or 57: //SC402327

Beneficiary's account
IBAN number is required for payments initiated via MT101 to EU, to EEA countries and to Switzerland (incl. Sweden). For example: SE8830000000030011012345

Exception: There is no IBAN format for Swedish bankgiro numbers. Bankgiro number always contains always contain 7 or  8 digits formatted as: xxx-xxxx or xxxx-xxxx. SWIFT address should be stated as BGABSESS.

Remittance information
If payment is made to a bankgiro number or a PlusGiro account remittance information may contain 140 characters. Some PlusGiro accounts can only receive remittance information in OCR format. OCR is short for Optical Character Recognition, which allows the beneficiary automatic reconciliation. The OCR is usually between 8 and 30 digits.

The following banks have BBAN account numbers containing 10 characters:

• Nordea Bank Sweden "personkonto" which is constructed by using the account holder’s date of birth: yymmddxxxx (year, month, date and four characters), ex. 661214-1234. The clearing number for "personkonto" is 3300 and the account number must be preceded by the clearing number. E.g. 33006612141234. BIC code NDEASESS.
• Danske Bank has account numbers containing 10 characters and must be preceded by 604 so that it makes 13 characters. BIC code DABASESX.
• Sparbanken Finn and Sparbanken Gripen AB.