Identifiers Directory

The Identifiers Directory is a reference data product provided by Swift that serves as a central source for global payment master data and replaces earlier directory services like ‘Bank Directory Plus.’ It is aimed at financial institutions and companies that need to efficiently validate, enrich, and use payment data for regulatory purposes.​

Purpose and Benefit

Identifiers Directory provides a central data source for globally relevant payment identifiers to reduce errors and standardize processes. With up-to-date and verified reference data, payments can be carried out more securely and regulatory requirements can be better met.​

The main benefits include:

• Validation and mapping of BIC, IBAN, and national clearing codes for bank branches worldwide.​

• Support with reporting obligations, for example by clearly showing bank hierarchies and linked identifiers like LEI.

• Reduction of manual maintenance efforts through centrally provided, regularly updated data.
  ​

Data sources and content of the identifier directory

The data in the Identifiers Directory comes directly from original sources like central banks, code-issuing authorities, clearing and settlement mechanisms, banking associations, and financial institutions. This ensures high data quality and up-to-dateness.​

The content includes, among other things:

• All BIC codes from the ISO register, including the so-called distinguished name of the institution.

• National clearing or sort codes as well as IBAN-related data for financial institutions worldwide.

• Complete ISO 20022 addresses (structured and unstructured) as well as name and address information in national character sets (e.g., China, Japan, Korea, Russia).​

• Linked Legal Entity Identifiers (LEI) for institutions with BIC as well as ISO country and currency codes and information on bank holidays.​

Application areas in payment transactions

In day-to-day payment operations, the Identifiers Directory especially supports the automated checking and routing logic of payments. Banks and payment service providers use the data to correctly identify recipient institutions and comply with country-specific formats.​

Typical use cases are:

• Straight-through processing through automatic validation of IBAN, BIC, and clearing codes before executing a payment.​

• Correspondent bank and routing identification based on bank hierarchies and country-specific codes.​

• Supporting compliance and reporting processes by clearly assigning institutions and legal entities through BIC and LEI.​

Importance for standardization and regulation

The Identifiers Directory significantly contributes to standardization in international payments, as it combines central ISO identifiers, national formats, and regulatory relevant information into a single service. This is especially relevant in the context of ISO 20022, SEPA, and global reporting requirements, where consistent and reliable master data is essential for error-free processing and reporting.​

For institutes, the use means:

• Fewer returns and correction runs thanks to high-quality master data.​

• Better preparation for changing regulatory requirements, since new or updated identifiers can be implemented centrally.

There’s a video on YouTube about this topic: Identifiers Directory